A Jackson man faces decades in prison if convicted of a multi-million dollar mortgage fraud scheme. 45-year-old Joseph DiValli, a loan officer at a bank, was indicted on multiple wire fraud counts Thursday for allegedly providing false documents for mortgage loan applications on behalf of "straw buyers" to induce those financial institutions to fund mortgage loans. DiValli allegedly profited illegally by receiving money from a conspirator, according to New Jersey U.S. Attorney Paul Fishman.

DiValli is also charged with fraud involving a modification loan on his personal residence. Fishman's press release said in that transaction ... "the defendant caused a loan officer at a mortgage brokerage company to send payroll ledgers and earnings statements from DiValli's employer that falsely understated his earnings in order to fraudulently secure the modification."

Fishman said DiValli's actions caused losses of at least $2 million dollars.

The counts of wire fraud conspiracy and bank fraud are each punishable by a maximum potential penalty of 30 years in prison and a fine of $1 million.

The case was brought in coordination with President Barack Obama's Financial Fraud Enforcement Task Force.

 

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