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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"In looking at eight currently available proprietary RM products, there is a distinct relationship between HECM growth rates and proprietary product availability," Reverse Market Insight said.
25m ago -
The top bullet point in Two Harbors' rejection notice is the Mizuho credit facility does not constitute committed financing for UWM to pay for the deal.
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The combination adds to a wave of broader merger and acquisition activity that includes an ongoing bidding war over RoundPoint Mortgage owner Two Harbors
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The litigants, with some of the industry's deepest pockets, may be filing the rare cases to flag and potentially punish bad brokers, one expert said.
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Market watchers think Jerome Powell will maintain a low-key presence on the Fed board as he awaits the release of an inspector general report examining cost overruns at the central bank's headquarters.
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Mordor Intelligence expects the manufactured homes market size to expand from $28.5 billion in 2025 to $30.5 billion this year, its latest report found.
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