Bergen County Man Admits Role in Fraud Scheme
NEWARK, N.J. – A Bergen County, New Jersey, man today admitted his role in a scheme to defraud financial institutions of hundreds of thousands of dollars, U.S. Attorney Craig Carpenito announced.
Dennys A. Tapia, 54, of Ridgefield Park, New Jersey, pleaded guilty by videoconference before U.S. District Judge Stanley R. Chesler to an information charging him with one count of conspiracy to commit bank fraud.
According to documents filed in this case and statements made in court:
From 2015 to 2018, Tapia conspired with others to fraudulently obtain mortgage loans from financial institutions, including “Mortgage Lender A” and “Mortgage Lender B,” to finance the purchase of properties by unqualified buyers. Applicants for mortgage loans are required to list their assets and income on their mortgage loan applications, and mortgage lenders rely on those applications when deciding whether to issue mortgage loans.
Tapia admitted to participating in a conspiracy in which he knowingly provided fraudulent documents to a loan officer at Mortgage Lender A for potential borrowers, including fraudulent lease agreements, bank statements, and a gift check and gift letter. Based on this false information, Mortgage Lender A issued mortgage loans to unqualified buyers, which caused Mortgage Lender A hundreds of thousands of dollars in losses. Tapia also admitted to conspiring with a straw borrower, “Individual A,” to submit an application to Mortgage Lender B for a cash-out refinance mortgage loan that contained multiple misrepresentations of material facts and fraudulent documents, including pay stubs and a verification of employment. Based on the false information submitted by Individual A and Tapia, Mortgage Lender B issued a false and fraudulent cash-out refinance mortgage loan, which resulted in Tapia earnings tens of thousands of dollars in profits.
The conspiracy charge to which Tapia pleaded guilty carries a maximum of 30 years in prison and a $1 million fine. Sentencing is scheduled for April 20, 2021.
U.S. Attorney Carpenito credited special agents of the FBI, under the direction of Special Agent in Charge George M. Crouch Jr. in Newark, and special agents of the Federal Housing Finance Agency, Office of Inspector General, under the direction of Special Agent in Charge Robert Manchak, with the investigation leading to today’s guilty plea.
The government is represented by Assistant U.S. Attorney Jonathan Fayer of the Economic Crimes Unit of the U.S. Attorney’s Office, and Special Assistant U.S. Attorney Charlie Divine of the Federal Housing Finance Agency, Office of Inspector General.