Northfield Mortgage Firm Founder Sentenced for $2.7M Fraud Scheme
The founder of a Northfield mortgage brokerage is sentenced to four-and-a-half-years in prison for helping to orchestrate a $2,700,000 mortgage fraud scheme.
The sentence for Pierre Chainey, 42, of Tabernacle in Burlington County, reflects his prior guilty pleas to charges of wire fraud conspiracy and money laundering, according to the office of Acting New Jersey U.S. Attorney William E. Fitzpatrick. He is also ordered to serve three years of supervised release.
Chainey established Universal Lending Solutions, LLC, in November 2005, assuming the title of Chief Executive Officer and also acting as a loan officer.
Prosecutors contended that from the month the operation began, until at least January 2008, Chainey and others profited from real estate transactions by securing mortgages for unqualified buyers, through a system of doctored loan applications, HUD-1 Settlement Statements, and related documents.
The investigation was led by FBI agents under direcion of Special Agent In Charge Timothy Gallagher in Red Bank, and Special Agent in Charge Jonathatn D. Larsen of the IRS Criminal Investigation Unit
Senior Litigation Counsil Jason M. Richardson presented the state's case. Chainey was represented by attorneys Robert Stahl of Westfield and Anthony Iacullo of Nutley.