Exploring a Criminal's Abandoned $8 Million Mansion - NJ
**UPDATE** This mansion was completely destroyed by fire on February 1st, 2017. Watch the news coverage of the fire at: https://www.youtube.com/watch?v=Ok4ZuHDV2uA
Exploring an Abandoned $8 Million Mansion in New Jersey. The former owner was sent to prison after the FBI uncovered a multi-million dollar fraud scheme he was running.
This 20,000+ square foot home built in 2002 once contained a gym, home theater, barbershop, a ballroom and a wine cellar, among many other features. In 2009 the mansion was valued at $8 million. It was one of the largest homes in that area. Most homes nearby are valued at about $2 million.
Today, the mansion is now off the market, but is valued at roughly $1 million, a fraction of its original value. In 2009 the owner was charged with wire fraud as part of a mortgage scam he ran netting his company more than $11 million in illegal profits.
He was also later charged with bankruptcy fraud after falsely filing for bankruptcy in an attempt to conceal his assets from a trustee and creditors. He originally claimed he had only $5,000 in cash, no household goods, no jewelry, no vehicles or any other personal assets of any value.
The FBI found he had more than $200,000 in personal assets he deliberately concealed from the court. He was originally facing 20 years in prison and was released on a $1 million bond. Two years later, in 2011 he was sentenced to roughly 5 years in prison, to pay $12 million in restitution, 3 years supervised release, and 480 hours of community service.
His former company served to initiate and fund mortgages for clients by borrowing money from a third party lender. To repay the lender, his company would resell, at a profit, the home mortgage in the secondary mortgage market.
The company made a profit because it earned fees for both the origination and resale of the mortgage. His company used to originate, finance and resell about $90 million worth of mortgages each month. As a result of the housing crisis, his company had its own liquidity crisis in January 2008. According to the FBI, that’s when the scheme began.
In 2008, he began submitting false documents to financial institutions as part of a mortgage re-selling scheme. He created a second set of fake mortgage documents such as loan applications, promissory notes, closing sheets, and settlement forms. He used these to resell mortgages a second time, even though the actual mortgage loan for that property already had been sold.
The illegal funds were wired to his company account, which he used to pay his corporate and personal expenses. His lavish lifestyle caught the attention of the FBI including this mansion, several vehicles, spending $400,000 on special seats at football games, & more.
It appears that as of now, a few years shy of his full sentence, he is out of prison, active on social media promoting his new business venture.
------------------------------------------------------------------------------------
More videos on TUC Extras Channel: http://youtube.com/theunknowncamextras
https://www.facebook.com/TheUnknownCameraman/
http://www.twitter.com/TheUnknownCam
Видео Exploring a Criminal's Abandoned $8 Million Mansion - NJ канала TheUnknownCameraman
Exploring an Abandoned $8 Million Mansion in New Jersey. The former owner was sent to prison after the FBI uncovered a multi-million dollar fraud scheme he was running.
This 20,000+ square foot home built in 2002 once contained a gym, home theater, barbershop, a ballroom and a wine cellar, among many other features. In 2009 the mansion was valued at $8 million. It was one of the largest homes in that area. Most homes nearby are valued at about $2 million.
Today, the mansion is now off the market, but is valued at roughly $1 million, a fraction of its original value. In 2009 the owner was charged with wire fraud as part of a mortgage scam he ran netting his company more than $11 million in illegal profits.
He was also later charged with bankruptcy fraud after falsely filing for bankruptcy in an attempt to conceal his assets from a trustee and creditors. He originally claimed he had only $5,000 in cash, no household goods, no jewelry, no vehicles or any other personal assets of any value.
The FBI found he had more than $200,000 in personal assets he deliberately concealed from the court. He was originally facing 20 years in prison and was released on a $1 million bond. Two years later, in 2011 he was sentenced to roughly 5 years in prison, to pay $12 million in restitution, 3 years supervised release, and 480 hours of community service.
His former company served to initiate and fund mortgages for clients by borrowing money from a third party lender. To repay the lender, his company would resell, at a profit, the home mortgage in the secondary mortgage market.
The company made a profit because it earned fees for both the origination and resale of the mortgage. His company used to originate, finance and resell about $90 million worth of mortgages each month. As a result of the housing crisis, his company had its own liquidity crisis in January 2008. According to the FBI, that’s when the scheme began.
In 2008, he began submitting false documents to financial institutions as part of a mortgage re-selling scheme. He created a second set of fake mortgage documents such as loan applications, promissory notes, closing sheets, and settlement forms. He used these to resell mortgages a second time, even though the actual mortgage loan for that property already had been sold.
The illegal funds were wired to his company account, which he used to pay his corporate and personal expenses. His lavish lifestyle caught the attention of the FBI including this mansion, several vehicles, spending $400,000 on special seats at football games, & more.
It appears that as of now, a few years shy of his full sentence, he is out of prison, active on social media promoting his new business venture.
------------------------------------------------------------------------------------
More videos on TUC Extras Channel: http://youtube.com/theunknowncamextras
https://www.facebook.com/TheUnknownCameraman/
http://www.twitter.com/TheUnknownCam
Видео Exploring a Criminal's Abandoned $8 Million Mansion - NJ канала TheUnknownCameraman
Показать
Комментарии отсутствуют
Информация о видео
Другие видео канала
Untouched abandoned Luxembourgish MILLIONAIRES Mansion - Everything left behindAbandoned Untouched Beach Mansion - Family with kids just left overnightWe Found Loads Of Extremely Rare Supercars Hidden In A Basement Worth Millions of Pounds!The Most Prestigious Neighborhood in New Jersey! (11 Miles from NYC)Abandoned Mansion in Dallas TxAbandoned Millionaires Mansion With Luxury Cars Left Behind!!!Abandoned Millionaires Royal Hotel With Cars And Everything Inside10 Mansions No One Wants To Buy For Any PriceThe Krueger-Scott Mansion in Newark, NJMafia Bosses $17,000,000 Abandoned Mansion With Indoor Pool & Very Rare CarKate Hudson's Multi Million Dollar Abandoned Mansion - Movie Theater And Indoor Water ParkAstonishing Abandoned 17th Century Italian Palace of a Venetian FamilyAbandoned $30,000,000,000 BILLIONAIRE Arabian King's Mega Mansion With Private Helicopter PadForeclosed Abandoned Mansion | 8000 SQFT On 12 Acres w/7 Bedrooms, 9 Bathrooms And A Movie Room!Abandoned Mansion! 13,612 SQFT | Separate Guest House | 44-Acre | Tennis Court, Texas Foreclosure!Exploring 8 Million Dollar Abandoned Mansion With Secret RoomsABANDONED Untouched Hotel & Restaurant With EVERYTHING Still Inside !We found a Spanish family's GOLD & SILVER business left ABANDONED as a whole!Exploring a 4 Million Dollar Abandoned Mansion..(hit by a tornado)Abandoned President Great Lake Mansion With Everything Inside & Massive Swimming Pool