>Former Ridgewood Mortgage Broker and Employee Plead Guilty to Mortgage Fraud
ARTICLE POSTED BY MOE BEDARD ON AUGUST 24, 2011
NEWARK, N.J. – Ronald J. O’Malley, the former Chairman and Commissioner of the Bergen County Improvement Authority (“BCIA”) and a principal in the Ridgewood mortgage brokerage firm Diversified Financial Group, d/b/a Residential Mortgage Corporation (“Residential Mortgage”), and Laura-Jean Arvelo, a former Residential Mortgage employee, both pled guilty today in connection with a mortgage fraud scheme at Residential Mortgage that falsely claimed BCIA employment for numerous mortgage borrowers, U.S. Attorney Paul J. Fishman announced.
O’Malley, 48, of Upper Saddle River, N.J., and Arvelo, 52, of River Vale, N.J., both entered guilty pleas this morning before U.S. District Judge Dennis M. Cavanaugh. Each pled guilty to Count One of the pending criminal Indictment, admitting that they conspired with each other; Residential Mortgage co-owner Edward Olimpio; two other Residential Mortgage employees, Daniel Gilmore and Rachell Fischbein; and others to commit wire fraud in connection with fraudulent mortgage and home equity loans brokered by Residential Mortgage between 2006 and 2009. Their sentencing hearings are scheduled for December 12, 2011.
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