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Mortgage Broker Charged in $7 Million Scheme

John C. Lucidi Jr. charged with mortgage fraud

July 18, 2011

By MICHAEL HINKELMAN Philadelphia Daily News - McClatchy-Tribune Information Services


A Pennsylvania mortgage broker was charged in a $7-million mortgage fraud scheme involving nearly three dozen loans.

The U.S. Attorney's Office said John C. Lucidi Jr., 30, who formerly worked as a mortgage broker for companies in West Chester and Newtown Square, defrauded at least seven financial institutions as part of a scheme that lasted from May 2005 to October 2008.

The court filing alleged that Lucidi found buyers, including family members, to purchase homes-primarily located in North Wildwood for inflated prices so that buyers could get kickbacks of of between $30,000 and $50,000 at closing. The charging document said Lucidi allegedly helped the buyers qualify for mortgages using false information, including bogus income and asset information, fake employment information and underreported debt information.

Prosecutors said that although buyers had good credit scores, many had low-paying jobs, or were unemployed, and did not possess the means to purchase high-end shore properties.

Most of the buyers made few or no payments on their mortgages, authorities said, causing lenders to foreclose on the properties and attempt to resell them to recoup losses.

The charging papers said Lucidi profited from the scheme by making inflated commissions on sales, kickbacks on his own purchases and by receiving other kickbacks from the sellers of the properties for finding them willing buyers. Lucidi allegedly brokered 35 transactions that involved inflated sales prices.

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