Mortgage fraud scheme discovered at Paragon

[Bob Ipock]

http://www.northjersey.com/news/cri...dgedly_targeted_in_mortgage_fraud_scheme.html

Riveron and Cardoza would hire Peter Lamicella of Lighthouse Appraisals, LLC, located in Toms River, to prepare the appraisal report for the property, the prosecutor's office said. They would instruct Lamicella to provide an appraisal report directly to Paragon with property values provided by Woolbert so they appeared to meet Paragon's loan amount to property value ratio.

 

[Noreen]

http://www.northjersey.com/news/cri...dgedly_targeted_in_mortgage_fraud_scheme.html

I never realized any credit union funded anything other than their own origination's. This is terrible. Another example of how important ethics are, tangible or intangible, it comes down to ethics.

 

[dobie]

Peter Lamicella; licensed in 2006; still active.

 

[Bob Ipock]

Generally state boards and commissions (not just appraisal boards) will not take any action while a law enforcement agency is involved with a license holder. There is not much point in going after someone who has been charged with a criminal offense that can result in prison time.

Of course these folks are considered to be innocent until found found to be guilty.