Real estate investor admits conspiracy to commit mortgage fraud

An Essex County man admitted that he conspired with others to commit mortgage fraud.

Cabral Simpson, 46, of Orange, New Jersey, pleaded guilty by before U.S. District Judge Kevin McNulty to Count One of an indictment charging him with conspiring to commit wire fraud.

According to U.S. Attorney Philip R. Sellinger, Simpson, a real estate investor, and his conspirators engaged in mortgage fraud by creating fake bank statements and fake employee verification records for buyers of properties and transferring money into the buyers’ bank accounts for payment of the deposit for a property.

Simpson and his conspirators submitted fraudulent mortgage loan applications, supporting documents, and closing documents on behalf of the buyers.

They also induced lenders to issue more than $1 million in loans, resulting in defaults and exposing the lenders and the U.S. Department of Housing and Urban Development to more than $1 million in losses.

The charge of conspiracy to commit wire fraud to which Simpson pleaded guilty is punishable by a maximum potential penalty of 20 years in prison and a fine of the greater of $250,000, twice the gross profits to Simpson or twice the gross loss suffered by the victims. Sentencing is scheduled for Jan. 10, 2024,

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: