Morganville Man Awaits Sentencing for Mortgage Fraud Conspiracy, Drug Dealing
A Monmouth County 42-year-old who admitted his role in a massive mortgage fraud scheme faces up to 30 years in prison for wire fraud conspiracy, and possibly 20 more for distributing Methylone.
Paul Chemidlin of Morganville pleaded guilty today in a federal courtroom in Newark, according to information from the office of New Jersey U.S. Attorney Paul J. Fishman. Sentencing is scheduled for November 10 of this year.
Each count also carries potential fines as high as $1,000,000.
Chemidlin and others submitted fabricated documents to secure loans for a propert in Elizabeth between March 2011 and July 2012, authorities said.
Applications given to mortgage lenders stated that the borrower's closing costs were being covered by a gift from a friend or relative, when a codefendant actually supplied them, investigators said.
He also submitted false appraisals and has no license to practice real estate appraisals, authorities said.
Chemidlin was charged with drug possession and distribution while under house arrest.
President Obama's Financial Fraud Enforcement Task Force has pursued fiscal crimes since its formation in 2009.
According to Fishman's office, the Justice Department has filed more than 10,000 complaints against nearly 15,000 defendants, almost 20 percent of which involve mortgage fraud.
Find out more about the task force here.