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FORMER HYDE PARK MAN PLEADS GUILTY IN MORTGAGE FRAUD SCHEME

THURSDAY, MARCH 17, 2011

BOSTON, Mass. - A former Hyde Park man pleaded guilty today in federal court to mortgage fraud in connection with the purchase and financing of three Massachusetts properties.

RONALD CORTIELLA, 54, of Galveston, Texas, formerly of Hyde Park and of Dubai, U.A.E., pleaded guilty to five counts of wire fraud in connection with his purported purchase of two properties in Quincy as well as the sale of his former home in Hyde Park. CORTIELLA, together with co-defendant, Quang Nguyen, defrauded mortgage lenders by submitting false loan applications to obtain over $1.6 million in mortgage financing. CORTIELLA and Nguyen defaulted on all of the mortgages and the properties went into foreclosure. Nguyen pleaded guilty last month.

CORTIELLA faces up to 20 years imprisonment on each of the wire fraud counts, to be followed by three years of supervised release.

United States Attorney Carmen M. Ortiz and Robert Bethel, Inspector In Charge of U.S. Postal Inspection made the announcement today. The case is being prosecuted by Special Assistant United States Attorney Andrea D. Roller and Assistant U.S. Attorney Sarah E. Walters of Ortiz’s Economic Crimes Unit.

Mortgage fraud is a key focus of the Department of Justice which in 2009 created the Financial Fraud Enforcement Task Force. The task force works to improve efforts across the federal executive branch, and with state and local partners, to investigate and prosecute significant financial crimes, ensure just and effective punishment for those who perpetrate financial crimes, combat discrimination in the lending and financial markets, and recover proceeds for victims of financial crimes.

 

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