Industry News

New York dentist indicted in $1.36 million real estate loan scheme

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A Staten Island, N.Y., dentist and a former employee were indicted in New Jersey federal court for allegedly operating a scheme to fraudulently obtain $1.36 million in mortgages. Terrance D. Stradford, 46, of Staten Island, N.Y., and Christina Hachadoorian, 35, of Burlington City, were charged in a 23-count indictment with one count of conspiracy to commit wire fraud, one count of conspiracy to commit money laundering, three counts of wire fraud and 18 counts of money laundering. The indictment also contains a forfeiture allegation serving notice that the United States will seek forfeiture of all property, both real and personal, derived from proceeds of the scheme. The indictment alleges that the two spent the proceeds of their so-called scheme on luxury items including the purchase of a 46-foot yacht, a North Carolina residence and a GMC Yukon Denali. The defendants allegedly used fraudulent documents, made false statements, established fictitious companies and opened back accounts t...