A New Jersey family was sentenced for a $2 million mortgage fraud scheme.
Christopher Colatrella, 43, of Wall Township, New Jersey was sentenced to five years in state prison after pleading guilty to second degree financial facilitation of criminal activity related to an investigation that involved mortgage fraud, theft by deception and money laundering.
Christopher Colatrella’s brother, John Colatrella, 52, of Long Branch, New Jersey was sentenced to two years probation for third degree conspiracy to commit theft by deception. John Colatrella’s daughter, Alexis Colatrella, 29, of Wall Township, New Jersey was admitted into pre-trial intervention for her role obtaining fraudulent mortgages.
The investigation involved over $2 million in fraudulent loans for townhouses located in Lakehurst, New Jersey.
The criminal activity resulted in a financial benefit totaling over $740,000 from fraudulent mortgages, which was inserted and laundered through multiple personal and business accounts.
Charges against Martin D’Amato, Clara Cara, Dolores Cittadino and Vincent Veritas were dismissed as part of the plea agreement.