10 From Wells Fargo, Citi Accused In $40M Mortgage Fraud Plot

Law360, New York (August 9, 2012, 6:32 PM EDT) -- Ten people in New Jersey, including Wells Fargo Home Mortgage Inc. and CitiFinancial loan officers, have been charged in a $40 million mortgage fraud scheme involving properties at the Jersey Shore and resorts in South Carolina and Georgia, U.S. Attorney Paul J. Fishman announced Thursday.

The defendants are all charged with conspiracy to commit wire fraud. They include Robert Serao of Bayville, a loan officer for Wells Fargo, and Isatu Tejan-Sie of Long Branch, a loan officer for CitiFinancial, according to the indictment.

Nine of the...
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