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Rhode Island Man Pleads Guilty to Mortgage Fraud
SEPTEMBER 18, 2012

BOSTON - A Cranston, R.I. man was convicted today in federal court of wire fraud in connection with a scheme to defraud a mortgage lender.

Robert Nardolillo, Jr., 31, pleaded guilty before U.S. District Judge William G. Young. Had the case proceeded to trial the Government’s evidence would have proven that in May and June, 2006, Nardolillo and Christopher Reiff participated in a scheme to defraud lenders whereby Reiff represented to financially distressed homeowners that they could stay in their homes and avoid foreclosure if they sold their property to an “investor.” Thereafter, the homeowner would pay rent to the “investor” who would supposedly make the mortgage payments. In fact, the “investors” were straw buyers who did not make the mortgage payments as promised. Nardolillo recruited a straw buyer for a property in Cranston and, together with Reiff and others, submitted materially false loan applications to the lender in the name of the straw. The lender, Argent Mortgage Company, advanced over $600,000 in reliance on the false representations. Reiff paid Nardolillo $12,500 for his participation in the scheme.

Judge Young scheduled sentencing for Dec. 17, 2012.

United States Attorney Carmen M. Ortiz; Jon T. Rymer, Inspector General of the Federal Deposit Insurance Corporation; and Robert Bethel, Inspector in Charge of the U.S. Postal Inspection Service made the announcement today. The case is being prosecuted by Assistant U.S. Attorney Lori J. Holik and Trial Attorney Sean Delaney of Ortiz’s Economic Crimes Unit.

 

 

 

 

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