Real Estate Worker Admits Guilt In $40M Scheme

Law360, New York (November 1, 2006, 12:00 AM EST) -- A former account manager at bankrupt real estate company NJ Affordable Homes Corp. has pled guilty to submitting fake loan documents in a bid to help the beleaguered company obtain mortgages as part of a Ponzi scheme that netted more than $40 million from investors.

The former employee, Lucesita Santiago of Woodbridge, N.J., made the admission in federal court on Monday, saying she created fake statements that improved the credit history of certain investors.

Santiago, who was responsible for maintaining investors' records, is the second NJ...
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Case Information

Case Title

SECURITIES AND EXCHANGE COMMISSION v. NJ AFFORDABLE HOMES CORP. et al


Case Number

2:05-cv-04403

Court

New Jersey

Nature of Suit

Securities/Commodities

Judge

Jose L. Linares

Date Filed

September 11, 2005

Government Agencies

UK Financial Services

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