Sentencing in Mortgage Fraud Case
Defendant Fined for Causing False Documents to be Submitted to Lender
|U.S. Attorney’s Office October 03, 2011|
Pallozzi, age 34, of Clifton Park, had admitted at the time of his plea in substance that, in or about March 2008, while employed as a mortgage broker and manager of the Waterford, New York branch of Advantage Mortgage, he caused the transmission by wire communication from the state and Northern District of New York to Equifirst, in the state of North Carolina, of materially false information and documents falsely reflecting the satisfaction of a secondary mortgage and inflating the income of the borrower in support of an application for a refinance loan for property located at 191 Maxwell Road, in Latham. As a result, the financing institution issued a refinance loan in the amount of approximately $372,300, and paid a gross commission of $9,100 on the transaction.
The case was investigated by the Albany Division of the Federal Bureau of Investigation, and prosecuted by the United States Attorney’s Office for the Northern District of New York.
Deputy Criminal Chief AUSA William C. Pericak, or Supervisory Assistant U.S. Attorney Robert P. Storch, both at (518) 431-0247