Delco man charged in fraud
The U.S. attorney in Philadelphia charged Michael J. Smith, of Springfield, Delaware County, with participation in mortgage fraud that caused losses of $665,000 to lenders. Smith, a former mortgage broker, allegedly participated in a conspiracy with John C. Lucidi Jr. and Eric Maratea, both of whom are charged elsewhere, in a scheme to buy properties, mostly at the Jersey Shore, at inflated prices so that buyers could receive kickbacks of tens of thousands of dollars. Smith was one of the buyers, according to the four-count indictment. Lucidi was charged last year. His sentencing is set for June 6. Maratea was charged on May 7. Charges against Smith are one count of conspiracy to commit wire fraud, two counts of wire fraud, one count of money laundering. If he is convicted, his maximum sentence is 55 years. Harold Brubaker
The U.S. attorney in Philadelphia charged Michael J. Smith, of Springfield, Delaware County, with participation in mortgage fraud that caused losses of $665,000 to lenders. Smith, a former mortgage broker, allegedly participated in a conspiracy with John C. Lucidi Jr. and Eric Maratea, both of whom are charged elsewhere, in a scheme to buy properties, mostly at the Jersey Shore, at inflated prices so that buyers could receive kickbacks of tens of thousands of dollars. Smith was one of the buyers, according to the four-count indictment. Lucidi was charged last year. His sentencing is set for June 6. Maratea was charged on May 7. Charges against Smith are one count of conspiracy to commit wire fraud, two counts of wire fraud, one count of money laundering. If he is convicted, his maximum sentence is 55 years.