Mortgage Loan | Old Tappan Man Admits Role In Mortgage Fraud Scheme

February 9, 2012 – 3:57 am

A Bergen County lawyer admitted Tuesday that he took part in a complicated fraud scheme that was based on fraudulent mortgage loan applications, U.S. Attorney Paul J. Fishman said.

Michael R. Senick, 63, of Old Tappan , used an accomplice to locate real estate properties to purchase, and recruited “straw buyers” to buy them in a scheme that lasted from January 2004 to January 2006, authorities said.

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Lenders released nearly $400,000 in mortgage funds for properties in Newark and Irvington as a result of the scheme, authorities said.

In pleading guilty to bank fraud, Senick faces a maximum penalty of 30 years in prison and a $1 million fine when he is sentenced May 18 before U.S. District Judge Jerome B. Simandle in Camden.

Senick was released on $50,000 bail.

Authorities said the accomplice, identified only as “T.R.” of East Orange, located the properties and then recruited straw purchasers to buy the properties. The real estate transactions took place at Senick’s Hackensack office, authorities said.

Another accomplice, identified only as “J.M.” was employed by National City Mortgage Co. as a

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