Broker Sentenced to Prison for Defrauding Banks in $3.5 Million ‘Shotgun’ Loan Scheme

Newark, NJ – 13 September 2018 – A New York real estate broker and a Bergen County, New Jersey, homeowner were sentenced today for their respective roles in a $3.5 million scheme to use false information and simultaneous loan applications at multiple banks to fraudulently obtain home equity lines of credit, a practice known as “shotgunning,” U.S. Attorney Craig Carpenito announced.

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