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December 22, 2008
A couple accused of running a multi-million dollar mortgage fraud scheme preyed on the Greek community in New Jersey. The woman claims her participation was influenced by her abusive boyfriend.
Crystal Velitschkow, 50, was sentenced to 10 years in state prison after pleading guilty to money laundering last June. Her boyfriend Spiro Pollatos, 45, and Velitschkow spent about four years targeting the Greek community, advertising Pollatos’ mortgage company Lenders Capital Mortgage Co. of Hackensack in a Greek newspaper.
Pollatos also pleaded guilty and faces 15 years in prison. He had a prior conviction for theft by deception related to a mortgage fraud as well. In one scam, Pollatos had convinced an 80-year-old man to refinance his home and invest $500,000 in the purchase of a diner. The transaction never transpired and the man never recouped his money.
Velitschkow has agreed to pay almost $1.9 million in restitution to the victims and turn over all the property she acquired through the fraud. Officials said, however, it appears that she has no money, and the homes in her name have little equity.
Read story at The Daily Record
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