NY Man Admits to Role in Defrauding Banks of $3.5 Million in ‘Shotgun’ Loan Scheme

Newark, NJ – Tuesday, December 17, 2019 – A Bronx, New York, man today admitted participating in a conspiracy to carry out a $3.5 million scheme to use bogus 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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