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March 18, 2009
A 47-year-old truck driver pleaded guilty to participating in a multimillion-dollar mortgage fraud scheme. He faces up to three years in prison.
Renford Davis, of Paterson, N.J., admitted to recruiting straw buyers and providing false verifications of rent and other fake documents. Davis said he worked with real estate agents, lawyers, loan officers and others in a scheme that netted $2.5 million and a dozen guilty pleas.
The scheme reportedly involved flipping dilapidated homes in Paterson at inflated sales prices, of which most landed in foreclosure. Others involved in the case include Michael Eliasof and a municipal court judge, William Colacino Jr., who was named as an unindicted co-conspirator but was never charged. Colacino died last May. Eliasof pleaded guilty in 2007.
Davis's attorney claimed Davis was an unwitting participant and has asked the judge for leniency. His sentencing is set for June 22.
Read story at NJ.com
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