Friday, September 4, 2015

Ex-West Chester broker bilked millions from lenders, feds say

A former West Chester mortgage broker, John C. Lucidi, Jr., 30, was charged yesterday with conspiracy to commit wire fraud, wire fraud, and money laundering in relation to a multi-million dollar mortgage fraud scheme.

Ex-West Chester broker bilked millions from lenders, feds say

0 comments

A former West Chester mortgage broker, John C. Lucidi Jr., 30, was charged yesterday with conspiracy to commit wire fraud, wire fraud, and money laundering in relation to a multi-million dollar mortgage fraud scheme, said United States Attorney Zane David Memeger in a news release.

Lucidi, who presently resides in Las Vegas, is accused of a scheme between May 2005 and October 2008,  to defraud Bank of America, CitiMortgage, Countrywide Bank, First Magnus Financial, JP Morgan Chase, PNC Bank, Wells Fargo, and other mortgage lenders, the release said. During that time frame, he worked at Global Mortgage and Challenge Financial Investment Corp., both in West Chester, and Advisors Mortgage Group LLC in Newtown Square, court records said.

Lucidi allegedly found buyers, including family members, to purchase residences - primarily located in North Wildwood - for inflated prices so that the buyers could get kickbacks of tens of thousands of dollars at closing. He allegedly helped the buyers qualify for mortgages using false information, such as inflated incomes, resulting in losses to the mortgage lenders of approximately $7 million.  Although the buyers had good credit scores, they did not possess the income or assets necessary to purchase high-end shore properties, forcing foreclosures in which the lenders lost money, court records said. 

Lucidi allegedly profited from the scheme by making inflated commissions on the transactions, by receiving kickbacks on his own purchases, and by receiving other kickbacks from the sellers of the properties for finding them willing buyers, facilitating approximately 35 transactions that involved inflated sales prices, court records said.  If convicted, he faces a maximum possible sentence of 65 years imprisonment.

0 comments
We encourage respectful comments but reserve the right to delete anything that doesn't contribute to an engaging dialogue.
Help us moderate this thread by flagging comments that violate our guidelines.

Comment policy:

Philly.com comments are intended to be civil, friendly conversations. Please treat other participants with respect and in a way that you would want to be treated. You are responsible for what you say. And please, stay on topic. If you see an objectionable post, please report it to us using the "Report Abuse" option.

Please note that comments are monitored by Philly.com staff. We reserve the right at all times to remove any information or materials that are unlawful, threatening, abusive, libelous, defamatory, obscene, vulgar, pornographic, profane, indecent or otherwise objectionable. Personal attacks, especially on other participants, are not permitted. We reserve the right to permanently block any user who violates these terms and conditions.

Additionally comments that are long, have multiple paragraph breaks, include code, or include hyperlinks may not be posted.

Read 0 comments
 
comments powered by Disqus
About this blog
Aubrey Whelan covers Chester County for the Inquirer. A native of a Philadelphia suburb so small it doesn't have a zip code, she grew up reading the Inquirer and was thrilled to take a job there in fall 2012. Previously, she covered crime, courts and D.C.'s Occupy movement for the Washington Examiner. Aubrey graduated from Penn State in 2011, where she worked for the award-winning campus newspaper and majored in journalism and French. Contact her at 215-495-5855 or awhelan@philly.com. You can also follow her on Twitter at twitter.com/aubreyjwhelan.

Aubrey Whelan
Also on Philly.com
letter icon Newsletter