A former Kearny, N.J. councilman was charged $13 million for a mortgage fraud scam, The Jersey Journal reported.
John Leadbeater, 54, was charged with conspiracy to commit money laundering and conspiracy to commit wire fraud.
According to the article, Leadbeater and co-conspirators recruited straw buyers to purchase several condominiums in communities from May 2006 to August 2011.
If convicted, Leadbeater faces a maximum of 30 years in prison and a $1 million fine for the wire fraud charge, along with 10 years in prison and a $250,000 fine for the money laundering charge.
