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Guilty Plea in Mortgage Fraud Ponzi Scheme
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February 5, 2009
Two men pleaded guilty in a New Jersey courtroom to an alleged $20 million mortgage fraud scheme that bilked investors by offering them high annual interest rates by renovating and reselling homes. Instead of doing what was promised the man along with another who is in federal custody pocketed the money.
Anthony Natale, 44, a lawyer; and Kenneth Lagonia, 58, pleaded guilty to participating in the ponzi scheme that included 10 other suspects who did business through NJ Affordable Homes, according to prosecutors. Natale was allegedly hired by the firm's owner Wayne Puff to conduct the closings.
Lagonia was the president of a NJ Affordable Homes subsidiary called Quality Homes Are Us. He admitted to duping investors by falsely claiming the company was profitable. Lagonia also confessed to using a company credit card to pay for a relative's funeral and family trips to Disney. His lawyer said he feels terrible about what happened.
Natale and Lagonia face up to five years in prison and $250,000 in fines. Sentencing is set for May 18.
Read stories at NJ.com and Fairfax Times
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