NY Men Plead Guilty To $3.5M Home Equity Loan Scheme

By Jeannie O'Sullivan (November 3, 2017, 7:53 PM EDT) -- Two New York men on Friday copped to their roles in a $3.5 million scheme to use false information and loan applications at multiple banks to fraudulently obtain home equity lines of credit, a practice known as "shotgunning," New Jersey federal prosecutors revealed.

Simon Curanaj, 62, of Yonkers, and Michael Arroyo, 59, of the Bronx, each pled guilty before U.S. District Judge John Michael Vazquez in Newark federal court to separate informations charging them with conspiracy to commit bank fraud, according to acting U.S. Attorney William E. Fitzpatrick.

The defendants each face a maximum of 30 years in prison and a...

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