David Saks: THREE TO BE ARRAIGNED ON TIME SHARE MORTGAGE FRAUD CHARGES

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THREE TO BE ARRAIGNED ON TIME SHARE MORTGAGE FRAUD CHARGES

 

Three People to be Arraigned on Time Share Mortgage Fraud Charges in 29-Count Indictment

U.S. Attorney’s Office May 14, 2012
  • District of New Jersey (973) 645-2700
 
 

CAMDEN—Three people from southern New Jersey are being arraigned today on charges of conspiracy to commit mail and wire fraud, mail and wire fraud, and conspiracy to commit money laundering in a $2.6 million time share mortgage fraud, U.S. Attorney Paul J. Fishman announced.

Ashley Lacerda, 32, of Egg Harbor Township, New Jersey; Francis Santore, 52, of Northfield, New Jersey; and Brian Corley, 27, of Egg Harbor, New Jersey, are scheduled to appear before U.S. District Judge Noel L. Hillman in Camden federal court to be arraigned.

Four more defendants also charged in the indictment: Adam Lacerda, 28, of Egg Harbor Township, New Jersey; Steven Cox, 48, of Ventnor City, New Jersey; Alfred Giordano, of Hurry County, South Carolina; and Joseph Diventi, 32, of Somers Point, New Jersey, and they are scheduled to be arraigned before Judge Hillman on May 21 at 12:15 p.m.

The seven people listed above and nine others were arrested on April 17, 2012 on a complaint that charged them with conspiracy to commit mail and wire fraud. Additional substantive counts of mail fraud and wire fraud and conspiracy to commit money laundering were added when they were charged by an indictment returned by a federal grand jury May 3, 2012.

The nine other defendants—Ian Resnick, 37, of Absecon, New Jeresy; Ryan E. Bird, 34, of Clementon, New Jersey; Catherine Bannigan, 57, of Egg Harbor Township; Vincent Giordano, 27, of Margate, New Jersey; Joseph Saxon, 38, of St. Thomas, Virgin Islands; Aimee Allen, of Little River, South Carolina; Genevieve Manzoni, 46, of Lake Worth, Florida; Eric Reilly, 33, of Galloway, New Jersey; and Eric K. Reiff, 40, of Williamsburg, Virginia—remain under the charge in the complaint.

According to documents filed in this case and statements made in court:

In July 2010, law enforcement officers began investigating The Vacation Ownership Group, (a/k/a VO Group LLC). The investigation revealed that from at least March 2009 and to September 1, 2011, the defendants, through the VO Group, participated in a fraudulent scheme in which representatives of the VO Group, often using false identities, telephoned owners of timeshare vacation properties purchased from Flagship Resort Development, Wyndham Vacation Resorts Inc., and other timeshare developers. They convinced the owners in some cases to submit money to the VO Group, purportedly to pay off the owners’ “mortgages” on their timeshares. The VO Group claimed that the timeshare owner could pay off the mortgage balance at a substantially reduced amount—often by as much as 50 percent the amount of the owner’s original mortgage—by mailing payment to the VO Group at a post office box in Pleasantville, New Jersey. The VO Group representatives also got timeshare owners to send the VO Group money, purportedly to have timeshares cancelled or sold. After receipt of payments for the VO Group’s “service,” the conspirators caused those payments to be deposited into a bank account in the name of the VO Group. Rather than paying off the timeshare owner’s mortgage, cancelling the owner’s timeshare, or selling the timeshare, the conspirators used the timeshare owner’s money for their personal use.

The investigation also revealed that in an attempt to cover up the scheme, the conspirators in most cases engaged in a “bait and switch” tactic by purchasing an additional timeshare in the victim’s name without the victim’s knowledge.

The victim purportedly had assented to the purchase based on documents the VO Group previously emailed to the victim for signature even though the victim had been led to believe he or she was simply paying off the original timeshare mortgage.

During the course of the investigation, law enforcement officers interviewed approximately 225 victims of the conspirators’ scheme identified to date. Many of the victims are elderly. Law enforcement has determined that the conspirators defrauded the victims of more than $2.6 million.

Since the arrests, the VO Group changed its name to VO Financial Corp.

The investigation also revealed that Adam Lacerda, Ashley Lacerda, and Brian Corley sought and received unemployment compensation during the time they were working at the VO Group. The indictment charges them with mail fraud in connection with this related scheme.

The charges in the Indictment are:

Counts  Charge  Defendant(s) 
One Conspiracy to commit mail and wire fraud  Adam Lacerda;
Ashley R. Lacerda;
Steven Cox;
Alfred Giordano;
Francis Santore;
Brian Corley; 
Joseph Diventi 
Two, four, six, eight, 11, 13, and 27  Mail fraud  Adam Lacerda 
Three Mail fraud  Adam Lacerda;
Brian Corley 
Five Mail fraud  Alfred Giordano 
Seven and 10  Mail fraud 

Adam Lacerda;
Alfred Giordano 

Nine and 28  Mail fraud  Ashley R. Lacerda 
12 Mail fraud  Steven Cox 
14 Mail fraud  Joseph Diventi 
15, 18, 21, 24, and 25  Wire fraud  Ashley Lacerda 
16, 17, and 22  Wire fraud  Adam Lacerda 
19 and 23  Wire fraud  Steven Cox 
20 Wire fraud  Ashley Lacerda;
Brian Corley 
26 Conspiracy to commit money laundering  Adam Lacerda;
Ashley Lacerda 
29 Mail fraud  Brian Corley 

The mail and wire fraud conspiracy charge, and mail and wire fraud charges each carry a maximum potential penalty of 20 years in prison and a $250,000 fine. The conspiracy to commit money laundering charge carries a maximum potential penalty of 10 years in prison and a $250,000 fine.

U.S. Attorney Fishman credited special agents from the FBI’s Atlantic City Resident Agency, under the direction of Special Agent in Charge Michael B. Ward in Newark; and special agents from the Department of Labor, Office of Inspector General, Office of Labor Racketeering and Fraud Investigations, under the direction of Special Agent in Charge Robert Panella, New York Region, for their roles in the ongoing investigation. He also thanked the New Jersey Department of Labor, Benefit Payment Control Unit for their assistance.

The government is represented by Assistant U.S. Attorneys R. Stephen Stigall and Alyson M. Oswald of the U.S. Attorney’s Office Criminal Division in Camden.

Anyone who believes they are a victim of the fraud should contact the FBI’s Atlantic City Resident Agency at 609-677-6400.

source: FBI



David Saks



Time&Temp Memphis

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Comment balloon 0 commentsDavid Saks • May 15 2012 09:46AM

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