Gerald Carti of Oakland, N.J., a former loan officer, pleaded guilty to charges connected to a mortgage fraud and property-flipping scheme involving rental properties. Carti admitted to conspiring with his co-defendants and several others to fraudulently originate mortgage loans and to launder proceeds of the loans during 2002 through 2005. The loans were for two- and three-family homes in Paterson, N.J. Carti's guilty plea is one of 12 guilty pleas related to an investigation into fraudulent FHA-insured and conventional mortgage loans originated by various New Jersey mortgage companies.
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