TRENTON – Two men, one from Watchung and the other from Long Hill, have pleaded guilty in federal court to conspiring to commit a mortgage fraud scheme that led to more than $3.5 million in losses.
Victor Santos, also known as Vitor Santos, 63, of Watchung, and Fausto Simoes, 69, of Long Hill, pleaded guilty by videoconference to conspiracy to commit bank fraud before U.S. District Judge Michael A. Shipp.
From September 2007 through November 2008, Santos, a real estate developer, and Simoes, an attorney, conspired with each other and others to fraudulently obtain mortgage loans with a total value of more than $4 million, court documents say.
Santos orchestrated the scheme to recruit fake, or “straw” buyers to purchase 12 properties in Newark. Using the identity and credit of these straw buyers allowed Santos, Simoes and their conspirators to conceal their identities from the lender as the actual purchasers of the properties, court papers say.
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