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P R E S S   R E L E A S E

FOR IMMEDIATE RELEASE:

April 4, 2013


THREE LYNDHURST MEN ARRESTED FOR THEFT AND FRAUD

Bergen County Prosecutor John L. Molinelli announced the arrests of ADAN R. CUEVA, age 31, of 186 Tontine Avenue, Lyndhurst, NJ, ADAN L. CUEVA, age 57, of 298 Ridge Road, Lyndhurst, NJ and ANGEL C. CUEVA-CASTRO, age 26, of 334 Livingston Avenue, 1st Floor, Lyndhurst, NJ on charges of Theft by Deception and other fraud related offenses.

The charges are the result of an investigation by members of the Bergen County Prosecutor's Office White Collar Crimes Unit under the direction of Chief Steven CUCCINIELLO of the Bergen County Prosecutor's Office and the Morris County Prosecutor's Office under the direction of Chief John SPEIRS.

Members of the Bergen County Prosecutor's Office White Collar Crimes Unit received information from the Lyndhurst, NJ Police Department that Adan R. CUEVA, the owner of Time Consulting & Associates, 298 Ridge Road, Lyndhurst, NJ, along with his father, Adan L. CUEVA, and his brother, Angel C. CUEVA-CASTRO, were involved in a scheme to defraud innocent homeowners who hired Time Consulting to modify their existing mortgages.

The investigation revealed that Adan R. CUEVA, a former mortgage loan professional, had victims sign contracts with Time Consulting & Associates with the promise of reducing their mortgage payments and lowering their interest rates to 2%. Time Consulting charged a fee between $3,500.00 and $5,000.00. Typically Adan R. CUEVA would require $1,500.00 down and spread out the balance in increments of $500.00 each month.

Once victims signed and paid the upfront fee to Time Consulting & Associates, Adan R. CUEVA would require them to fill out information statements with detailed personal identity information. At that time, the victims were instructed to immediately stop making mortgage payments to their mortgage lenders and make the monthly mortgage payments to Time Consulting & Associates. Adan R. CUEVA told the victims that his company would forward the mortgage payments to their banks and further that he would negotiate on their behalf for lower monthly mortgage payments. Adan R. CUEVA failed to forward these payments to the respective banks causing the banks to place the loans in default. CUEVA also instructed the victims to provide their banks with the telephone number of Time Consulting & Associates as their contact number. In addition, the victims were requested to forward all correspondence from their banks to Time Consulting & Associates. In most cases, the victims were not in arrears but having difficulty keeping up with the monthly mortgage payments due to high interest rates.

The investigation further revealed that employees of Time Consulting & Associates including Angel C. CUEVA-CASTRO impersonated the victims when the banks called for the purpose of stalling any adverse bank action while Time Consulting & Associates continued to collect mortgage payments from the victims. Adan L. CUEVA was responsible for collection of payments in cash at victims' homes or places of business and providing a pre-signed receipt from Adan R. CUEVA. In addition, Adan R. CUEVA instructed his employees to use the victims' personal information to open credit card accounts using the Time Consulting & Associates address. The credit cards were for Adan R. CUEVA's personal use.

Numerous victims complained to Adan R. CUEVA about their homes being placed in default. The victims were then advised by Adan R. CUEVA that they had been approved by their banks for a trial period of lower mortgage payments, and were provided fraudulent letters from their banks. Once again, Adan R. CUEVA failed to forward the mortgage payments to the respective banks and continued to keep the money for personal use. Adan R. CUEVA was able to fraudulently collect payments from victims for over a year before the banks foreclosed on the homes. It should be noted that this investigation is ongoing.

On April 4, 2013 Adan R. CUEVA was arrested at his home by members of the Bergen County Prosecutor's Office and charged with N.J.S. 2C:20-4 Theft By Deception; N.J.S. 2C:21-17.3B(2) Trafficking in Personal Identifying Information; N.J.S. 2C:20-9 Failure to Make Required Disposition of Property Received; N.J.S. 2C: 21-17A(3) Impersonating Another; N.J.S. 2C: 21-9C Misconduct of a Corporate Official; and N.J.S. 2C:5-2A(1) Conspiracy to Commit Theft by Deception. Adan R. CUEVA was remanded to the Bergen County Jail in lieu of $500,000.00 bail with no 10 % option. Bail was set by the Honorable Liliana S. DeAvila-Silebi, PJSC.

On April 4, 2013 Angel C. CUEVA-CASTRO was arrested outside the offices of Time Consulting and Associates by members of the Bergen County Prosecutor's Office and charged with N.J.S. 2C:20-4 Theft By Deception; N.J.S. 2C:21-17.3B(2) Trafficking in Personal Identifying Information; N.J.S. 2C:20-9 Failure to Make Required Disposition of Property Received; N.J.S. 2C: 21-17A(3) Impersonating Another; and N.J.S. 2C:5-2A(1) Conspiracy to Commit Theft by Deception. Angel C. CUEVA-CASTRO was remanded to the Bergen County Jail in lieu of $500,000.00 bail with no 10 % option. Bail was set by the Honorable Liliana S. DeAvila-Silebi, PJSC.

On April 4, 2013 Adan L. CUEVA also was arrested outside the offices of Time Consulting and Associates by members of the Bergen County Prosecutor's Office and charged with N.J.S. 2C:20-4 Theft By Deception; N.J.S. 2C:21-17.3B(2) Trafficking in Personal Identifying Information; and N.J.S. 2C:5-2A(1) Conspiracy to Commit Theft by Deception. Adan L. CUEVA was remanded to the Bergen County Jail in lieu of $500,000.00 bail with no 10 % option. Bail was set by the Honorable Liliana S. DeAvila-Silebi, PJSC.

Prosecutor Molinelli states that these charges are merely accusations and that the defendants are presumed innocent until and unless proven guilty beyond a reasonable doubt.


Source: Bergen County Prosecutor's Office


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