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mortgage company employee charged in fraud scheme

FOR IMMEDIATE RELEASE
December 20, 2013

 

Princess Rosario, 37, a former employee of Mortgage IT in Allentown, was charged today by Information with one count of conspiracy to commit bank fraud, wire fraud affecting financial institutions, and the making of false statements to obtain loans insured by the Department of Housing and Urban Development, announced United States Attorney Zane David Memeger.

According to the Information, Rosario conspired with eight former employees of Madison Funding, a loan origination company, to defraud Mortgage IT into providing mortgage loans to people seeking to purchase real estate who were not creditworthy.  Rosario allegedly helped loan officers and loan processors at Madison Funding falsify information on loan applications to Mortgage IT in order to get the loans approved.

The Information alleges that Rosario was paid for the business she generated for Mortgage IT, and that Mortgage IT wound up selling its interest in the loans to secondary investors, such as Citibank, Bank of America, and Wells Fargo, so that it would lose money if the borrowers ultimately defaulted on the loans, which many did.

If convicted, Rosario faces a maximum possible sentence of five years’ imprisonment, a $250,000 fine, three years of supervised release, and a $100 special assessment. 

Her co-conspirators at Madison Funding included Joel Tillett, Jason Boggs, Claribel Gonzalez, Seemon Georges, Denise Peralta, Florentina Peralta, Ghovanna Gonzalez, and Angela Diaz, all of whom have already been charged and have pleaded guilty to mortgage fraud-based charges.

The case was investigated by the Offices of the Inspector General for the Department of Housing and Urban Development, the FDIC, and the Federal Housing Finance Agency. It is being prosecuted by Assistant United States Attorney Mark B. Dubnoff.

Click here to view the indictment


An Indictment, Information or Criminal Complaint is an accusation.  A defendant is presumed innocent unless and until proven guilty.

UNITED STATES ATTORNEY'S OFFICE, EASTERN DISTRICTof PENNSYLVANIA
Suite 1250, 615 Chestnut Street, Philadelphia, PA 19106
PATTY HARTMAN, Media Contact, 215-861-8525

 

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