Two other conspirators previously pleaded guilty in the scheme were awaiting sentencing, officials said.
that led to over $3.5 million in losses, federal prosecutors said.
Santos recruited fake, or “straw” buyers to purchase 12 properties in Newark and using their identities and credit, allowed him and Simoes to hide themselves from the lender as the ones who were actually buying the real estate, the office said. According to the office, Simoes conducted the closings of 10 of the fake transactions and helped accelerate the lie by falsely reporting that the straw buyers were providing the cash required at closing when, in fact, he received those funds from a shell company controlled by Santos and another conspirator.
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