David Saks - Real Estate Broker - The Real Estate Mart of Tennessee, Inc. - 4040 North Watkins-Suite #4 - Memphis, Tennessee 38127 - Phone (901) 357-4663


Former Mortgage Broker and Bank Officer Charged with Conspiring to Commit Bank Fraud

U.S. Attorney’s Office February 06, 2013
  • District of New Jersey (973) 645-2888

NEWARK—A former mortgage broker and bank officer from Bergen County, New Jersey was arrested this morning for allegedly conspiring to commit bank fraud to secure a $1.5 million residential loan, U.S. Attorney Paul J. Fishman announced.

James Cockinos, 58, a resident of Englewood Cliffs, is charged by complaint with one count of conspiracy to commit bank fraud. The defendant allegedly defrauded Washington Mutual Bank (later acquired by JPMorgan Chase) in New York to secure the loan. He is expected to make his initial court appearance before U.S. Magistrate Judge Madeline Cox Arleo in Newark federal court this afternoon.

According to the criminal complaint:

Cockinos was the owner and president of Federated Mortgage Company of America (FMCA) as well as on the Board of Directors at Mariner’s Bank. Through FMCA, Cockinos served as the mortgage broker on a $1.5 million residential loan with Washington Mutual Bank in an application dated April 19, 2007. The borrower, identified as “Individual Two” in the complaint, applied for the loan at the request of a spouse, identified as “Individual One” in the complaint. There was no co-borrower on the loan.

The loan application indicated it was for the purchase of a $1.9 million home located in Englewood Cliffs, New Jersey. Cockinos fraudulently indicated in the application that he had obtained the information through a face-to-face interview with Individual Two, when no such interview took place. The application, in fact, falsely represented the employment, income, and assets of the applicant.

The application indicated that there was $400,000 in a joint account held by Individuals One and Two at Mariner’s Bank in New Jersey. Cockinos and Individual One had temporarily deposited $350,000 into the joint account for the purpose of misrepresenting Individual Two’s assets. Cockinos also directed a Mariner’s Bank employee to falsely verify that the account held $350,000 during the prior two months, when there was significantly less in the account during that time.

Washington Mutual ultimately approved a loan of $1.5 million. On September 25, 2008, JPMorgan Chase acquired the banking operations of Washington Mutual Bank. In 2010, Individual Two defaulted on the loan and the home went into foreclosure. It was sold March 16, 2012, leaving JPMorgan Chase with a loss of more than $500,000.

The bank fraud conspiracy charge carries a maximum potential penalty of 30 years in prison and a fine of $1 million.

U.S. Attorney Fishman credited special agents of the FBI, under the direction of Acting Special Agent In Charge David Velazquez in Newark, with the investigation leading to the charges and today’s arrest.

The government is represented by Assistant U.S. Attorney Zahid N. Quraishi of the U.S. Attorney’s Office Special Prosecutions Division in Newark.

The charge and allegations in the complaint are merely accusations, and the defendant is considered innocent unless and until proven guilty.

source: FBI

David Saks

Time&Temp Memphis

Legal Disclaimer
Please be advised that:

 The information and notices contained in this blog are intended to summarize recent developments and news. The posts are presented as general research and information. These posts are not intended, nor should be regarded, as legal advice. Some blog posts concern allegations made in civil lawsuits and in criminal indictments in United States Courts. All persons are presumed innocent until convicted of a crime and proven guilty. Readers who have particular questions or who believe that they need legal counsel should seek the advice of a qualified attorney. It is neither the editor's or author's intention to create a confidential relationship or any broker-client relationship via communication from this site at any time. Please consult with your state real estate board if questions & answers in the education section conflict with the laws of your region or if you need clarification regarding their applicability or how they may govern the services that you provide.

By entering this web site, you understand the following:
When you select a link to an outside Web site, you are subject to the privacy, copyright, security, and information quality policies of that Web site. David Saks:
1.DOES NOT control or guarantee the accuracy, legality, relevance, timeliness, or completeness of information contained on a linked Web site;
2.DOES NOT endorse linked Web sites, the views they express, or the products/services they offer unless linked web sites, the views they express, or the products/services they offer endorse or support David Saks in accordance with the standards of the Tennessee Real Estate Commission and the Federal Government's laws regarding commerce and the application, solicitation and transmission of internet-related concerns, commerce or social networking;
3.CANNOT authorize the use of copyrighted materials contained in linked Web sites;
4.IS NOT responsible for transmissions users receive from linked Web sites;
5. That DavidSaks.Com is biographical & real estate related. Some links within will leave this site.
6. http://activerain.com/profile/davidsaks is internet-compliant & abides by the rules & regulations of the Tennessee Real Estate Commission, Eve Maxwell, Executive Director.
7. Unless indicated otherwise, ActiveRain does offer listings, or IDX and is provided for licensed salespersons, brokers, buyers & sellers of real property as a community & professional service.
8. David Saks is a retired / licensed real estate broker in the State of Tennessee, license #290452, and an independent contractor.
9. Information is believed to be accurate, but not guaranteed, at any realty link or document connected to the World Wide Web & viewable by anyone connected to the internet who has a web browser.
10. Brokers, buyers, sellers, agents & anyone should independently verify any information prior to submitting any offer to purchase goods & services from any link.
11. Please Visit The American Real Estate Alliance or Memphis.8k.Com for additional information regarding property issues for real estate professionals and consumers.


Photos © & Licensed by Nova Development

All Content Protected © 
Before you even think about
committing a real estate crime
click this red button.
Real Estate Crimes

© All Rights Reserved.





"Information generated by the Department of Justice is in the public domain and may be reproduced, published or otherwise used without the Department’s permission. Citation to the Department of Justice as the source of the information is appreciated, as appropriate."

Department of Justice Legal Policies


  Real Estate Crimes


Click "HERE" For Today's Question



TheListen Now!

David Saks Show

Saturday Nite

9pm-12am Central

University of Memphis



America's Hobby

Click Elvis

Mr.Saks' participation in ActiveRain ended April 13, 2015.

His blog archives will remain online.

May God bless you.

Comment balloon 4 commentsDavid Saks • February 06 2013 02:15PM


Hello David -- it started with a bad deed and then things got worse - much worse.    Whatever the reason, it's a very unfortunate situation.   

Posted by Michael Jacobs, Los Angeles Pasadena 818.516.4393 about 7 years ago

Thank you for commenting on the press release, Michael.

Posted by David Saks ((retired)) about 7 years ago

Let's hope that in the case the allegations are true this guy gets what he deserves and shows others that fraud will not be tolerated.

Posted by Al Raymondi, Ormond By The Sea Florida - Home and Condo Sales (Ocean View Realty Group in Ormond By The Sea Florida) about 7 years ago

It's mind boggling the number of swindlers that operate as real estate pros, Al.

Real estate "pros" are being carted off to prison by the bus loads.

Need proof ? Here it is :

Real Estate Crimes 

Posted by David Saks ((retired)) about 7 years ago

This blog does not allow anonymous comments