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Men Get Prison, House Arrest In $3.5M Home Equity Loan Plot

Law360, Newark (September 13, 2018, 10:12 PM EDT) -- A New Jersey federal judge on Thursday slapped one man with prison and another with home confinement for their roles in a $3.5 million “shotgunning” scheme to use bogus information on simultaneous applications with multiple banks to secure home equity lines of credit.

U.S. District Judge John Michael Vazquez sentenced Michael Arroyo, 60, of the Bronx, New York, and Rafael Popoteur, 67, of Ridgefield Park, New Jersey, in separate hearings to 21 months in prison and three years of probation, respectively, after each pled guilty last year...
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