PHILADELPHIA—Eric Itzi, 30, of
Philadelphia, pleaded guilty today to his role in a scheme to fraudulently
obtain mortgages for properties in North Wildwood, New Jersey. Timothy Cook,
28; Eric Maratea, 27; Richard VonMinden, 33; Michael Smith, 32; and James
Esposito, 41, have also been charged, in separate informations, of conspiring
with John C. Lucidi, Jr., charged elsewhere, to commit wire fraud in connection
with a mortgage fraud scheme. A sentencing hearing for Itzi is scheduled for
September 19, 2012.
Itzi, who was charged with conspiracy,
wire fraud, and money laundering, admitted that with his 2007 purchase of two
North Wildwood, New Jersey properties, he and Lucidi caused false information
to be submitted in support of his loan applications. Among the erroneous
information were falsely inflated sales prices that served the purpose of
allowing Itzi to receive money back totaling tens of thousands of dollars, that
was not disclosed to the lenders, after settlement.
Itzi faces a maximum possible sentence
of 45 years in prison, a five year period of supervised release, a fine of up
to $1.5 million plus up to twice the amount of the criminally derived property
involved in the money laundering transactions, a $300 special assessment, and
full restitution.
These cases were investigated by the
Federal Bureau of Investigation, the Internal Revenue Service Criminal
Investigation Division, and the United States Secret Service. They are being
prosecuted by Assistant United States Attorneys Nancy E. Potts and Denise S.
Wolf.
Posts
No comments:
Post a Comment