A U.S. District judge sentenced a New Jersey man for his role in a $15 million mortgage fraud scam.
Nicholas Tarsia Jr., 67, will serve five years in prison and three years of supervised release for his role in the scam. He had previously pleaded guilty to one count of conspiring to commit money laundering.
Tarsia, who resided in Totowa, was one of 13 defendants who were indicted between July 2012 and November 2013 on charges of wire fraud and money laundering.
Tarsia and his co-conspirator, Timothy Ricks, purportedly caused $15 million in fraudulent mortgage loans to be funded from 2006 to 2008 that would allow unqualified buyers to purchase property. Tarsia would then take loan proceeds through wire transfers and send them to himself and the other defendants.
Another hearing will decide restitution in the case.
