Industry News

Real estate broker imprisoned, fined $200K for loan fraud

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A former New Jersey mortgage broker has been sentenced to five years in prison and ordered to make nearly $200,000 in restitution after pleading guilty to stealing home buyers' mortgage money, the Attorney General's office said Monday. Jason Goddard, 32, of Summit, N.J., was sentenced by state Superior Court Judge Edward M. Coleman and ordered to repay $194,796 to four banks, mortgage institutions and a related business, Attorney General Peter C. Harvey said. A state grand jury indictment from Jan. 21, 2004, charged Goddard and Isaac Briggs, 32, of Orange, with conspiracy, theft by deception and money laundering, the official said. Briggs pleaded guilty in June to money laundering and will be sentenced Oct. 20, officials said. The state indictment said that from June 1, 2002, to Feb. 28, 2003, Goddard, a former Somerset County, N.J.-based mortgage broker, and Briggs, who once worked for PrimCorp Financial, acted as the brokers for the sale of two Essex County, N.J., residential pr...