Ex-Bayville Bank Executive Sentenced for Wire Fraud Conspiracy
The onetime Wells Fargo loan officer from Bayville who admitted a key role in a $40,000,000 mortgage fraud conspiracy can expect to spend two years in prison.
Robert Serao, 48, was sentenced today in a Camden federal courtroom for his guilty plea to one count of conspiracy to commit wire fraud. He's the 10th defendant to plead guilty in the case, according to information from the office of New Jersey U.S. Attorney Paul J. Fishman.
He was also ordered to serve three years supervised release and pay $1,520,606 in restitution.
Serao facilitated the release of more than $4,600,000 through fabricated loan applications completed by unqualified buyers, authorities said.
The documents were supported by bogus information and inflated financial data on documents including tax returns, Uniform Residential Loan applications and HUD-1 forms, investigators said.
Serao pocketed inflated commissions stemming from the false information while co-conspirators took portions of the released funds, authorities said.