Marlboro Lawyer Sentenced After $2.6M Home Loan Fraud
Mark J. Bellotti, 56, of Marlboro, was sentenced to five years in prison.
Mark J. Bellotti, 56 of Marlboro was sentenced yesterday to five years in prison and a $50,000 fine after he was found guilty of obtaining $2.6 million of fraudulent home loans.
Bellotti plead guilty in February of filing false mortgage loan applications, according to a State Attorney General news release.
Previously in this case, Jonathan P. Domash, 42, of Marlboro and owner of Diversified Assets, LLC, was sentenced to three years of probation for his involvement in the home loan scam.
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Leonardo A. Hernandez, 41, of Hillsborough, also pleaded guilty and as charged with theft by deception as a disorderly persons offense.
Bellotti was on the defense team for Fancy Pups in Woodbridge after the business was sued after a customer's German Shepard puppy died. More customers came forward to complain that the puppies were sick with parvovirus, a highly contagious and usually fatal disease, or that the pets were sick with a variety of other ailments not disclosed to them.
Filing the false mortgage loan applications caused several banks to provide loans to unqualified people, who eventually foreclosed on properties.
“This lawyer and his co-conspirators falsified mortgage applications so they could siphon away big closing fees, while leaving behind a trail of foreclosed properties and borrowers with ruined credit,” said Director Stephen J. Taylor of the Division of Criminal Justice. “We urge people to contact us confidentially to report lawyers and other licensed professionals who commit fraud.”
Fraudulent loans were filed in Marlboro, Newark, Hillsborough, Plainfield, Keansburg and Asbury Park.
Both lawyers admitted to using the loans to take large closing fees for themselves through inflated sale prices.
Superior Court Judge Anthony J. Mellaci Jr. in Monmouth County sentenced both men. The investigation was conducted and coordinated for the Division of Criminal Justice Financial & Computer Crimes Bureau by Detective Kimberly Allen, Deputy Attorney General Noto, and Supervising Deputy Attorney General Terrence Hull, Chief of the Financial & Computer Crimes Bureau.
So Much to Say
11:07 pm on Wednesday, September 19, 2012
Couldn't happen to a better crook. Wishing you a wonderful stay in a cell with Bubba.
With love, from all the sick and dead puppies who were victims of your client
Simon
10:37 pm on Monday, December 17, 2012
Some professionals take advantage of their status to advocate the law and put their knowledge about it to good practice. They are aware of their influential position and thus put it to good use to provide advise and assistance to those unsure about certain aspects of the law. Others however, take advantage of their position to instead reap personal pleasures by duping unknowing parties who are not well-informed or conversant in the areas of the lawyer's expertise. Hope after this incident and many other convicted ones, financial institutions would impose more stringent measures before approving a loan to avoid fraud. - http://www.starrausten.com