Two Convicted in Mortgage Fraud

A federal jury convicted two New Jersey men who were involved in a mortgage fraud scheme. The two were convicted following a six-week trial. Prosecutors say they conspired with others to obtain millions of dollars of mortgage loans for unqualified borrowers from 2002 to 2005. They were convicted on charges including wire fraud and money laundering.

Under federal sentencing guidelines, each faces between five and eight years in prison, although the government is expected to argue for longer sentences.

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