Mario Tolisano and Celestino Orta, both of Bronx, N.Y., have been charged with allegedly bilking three people out of more than $1.3 million in a scam involving selling property the defendants neither owned nor were authorized to sell. According to Bronx district attorney Robert T. Johnson, the defendants, who were unavailable for comment, allegedly offered to sell various properties to two real estate investors, which Mr. Orta allegedly falsely claimed he had either bought or was in the process of buying. The investors allegedly examined the real estate and agreed on a purchase price of $710,000, to be paid up front. Later, the victims were allegedly offered additional properties in the Bronx, Brooklyn, and Queens, for which they paid another $502,000. The defendants then allegedly approached a third victim, who made a $70,000 downpayment for a vacant lot. The victims eventually filed complaints against the defendants, alleging multiple attempts to schedule closings on the properties were ignored, since the defendants never had ownership of the properties nor had authorization to sell them. Mr. Tolisano was arraigned before State Supreme Court Justice Margaret Clancy, who set bail at $250,000. Arraignment for Mr. Orta, who is currently in custody on an unrelated matter, is scheduled for Sept. 3.
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A tour of the technology that banking has run on, dating back to Franklin's anti-counterfeit measures and the bank-note bulletin that preceded American Banker.
July 3 -
Issuances of new HECM-backed securities dropped off in June on both a monthly and yearly basis, according to a new report from New View Advisors.
July 2 -
The vote to approve the $12 per share deal, which rejected a hostile bid from UWM Holdings, came following several postponements of a special meeting.
July 2 -
A mortgage customer claims his data was compromised in a hack last year at a tax and accounting firm reportedly used by the wholesale giant.
July 2 -
The government-sponsored enterprise clamped down on project review requirements and certain factory-built home appraisals while loosening other guidelines.
July 2 -
The June jobs report is creating an overhang on economist forecasts for interest rates going forward, especially when combined with recent inflation data.
July 2









