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P R E S S   R E L E A S E

FOR IMMEDIATE RELEASE:

Sept. 1, 2011


WHITE COLLAR CRIME - REAL ESTATE LOANS

Bergen County Prosecutor John L. Molinelli announced the arrest of JOSEPH A. CURCIO of 216 Darling Avenue Bloomfield NJ 07003.

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

Members of the Bergen County Prosecutor's Office White Collar Crime Unit received information from Paragon Federal Credit Union of Montvale NJ, that Joseph A. CURCIO was suspected of providing fraudulent information to qualify and obtain real estate loans. Beginning in 2008, CURCIO applied for and received 13 real estate loans for 11 multifamily homes located in Essex and Bergen Counties. Our investigation revealed that CURCIO conspired with DAWN WOOLBERT, a loan coordinator employed by Paragon Federal Credit Union, OSVALDO RIVERON and FALVIO CARDOZA, mortgage brokers employed by AOR Consultants located in Union City, NJ, and PETER LAMICELLA, owner of Lighthouse Appraisers located in Toms River, NJ, to defraud Paragon Federal Credit Union of more than 5 million dollars in loans. CURCIO supplied inflated real estate leases to Paragon Federal Credit Union in order to give the appearance of a higher monthly cash flow on each of the 13 loans. These fraudulent leases combined with inflated property appraisals and a fraudulent Paragon Federal Credit Union membership application were all used to aid CURCIO in meeting the loan criteria and ultimately being approved for a real estate loan.

In 2009, CURCO registered the company name of CNS ENTERPRISES LLC as a business entity in the State of New Jersey. CNS was created for the purpose of supplying fictitious invoices to be added to the seller side of the settlement statements therefore showing a debt owed to CNS from the seller when CURCIO was the purchaser. This allowed CURCIO to receive a payment through CNS at the time of closing. These fraudulently obtained funds were then used for down payments on the next purchase.

Within a short period of time after purchasing these investment properties, CURCIO began to fall behind on his monthly payments and eventually defaulted on all 13 loans, resulting in an internal investigation.

On August 31, 2011, Joseph CURCIO turned himself into the Bergen County Prosecutor's Office and was charged with N.J.S. 2C:20-4 Theft By Deception, N.J.S. 2C:21-1A Forgery, and N.J.S. 2C:5-2A Conspiracy to Commit Theft By Deception. Joseph CURCIO was processed and released on his own recognizance.

Prosecutor Molinelli states that defendants are presumed innocent until proven guilty beyond a reasonable doubt.




Source: Bergen County Prosecutor's Office

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