Closing attorney gets 12 months for his role in mortgage-fraud scheme
A disbarred New Jersey lawyer was sentenced Thursday to a 12-month federal prison term for his role in a mortgage-fraud scheme.
Federal prosecutors said Amedeo Gaglioti, 60, issued two sets of closing documents to conceal what was really happening in real estate transactions for which he served as a closing attorney between 2007 and 2010. At the same time that mortgage lenders took a loss in short sales, participants sold the properties to others at a profit, obtaining mortgage financing by providing false information about the transactions, according to myCentralJersey.com and New Jersey Advance Media.
A federal criminal complaint (PDF) in a related case provides additional details.
Giglioti took a plea earlier, after being charged in a criminal information with wire fraud affecting a financial institution and money laundering. In addition to his prison sentence, he forfeited $1 million and was ordered to pay restitution of a little over $2 million.
Related coverage:
New Jersey Law Journal (sub. req.): “Disbarment Order—Amedeo A. Gaglioti”
See also:
ABAJournal.com: “Lawyer indicted in mortgage-fraud case, accused of using another attorney’s identity on closing docs”
