Posted on 03/09/2015 8:23:57 PM PDT by SMGFan
A former Kearny councilman today admitted his role in a $13 million mortgage fraud scam that used phony buyers to purchase condominiums in Wildwood and Wildwood Crest, authorities announced.
John Leadbeater, 58, pleaded guilty to conspiracy to commit wire fraud before U.S. District Judge Jerome B. Simandle in Camden federal court, one week into what was expected to be a lengthy trial.
(Excerpt) Read more at nj.com ...
DEVELOPING STORY: Kearny Board of Education vice-president John Leadbeater arrested on mortgage-fraud charges http://www.theobserver.com/?p=14621
My mistake! He was a republican. Common mistake, RINO , no doubt. “John Leadbeater, 54, of Kearny, who served on the Kearny Town Council throughout the 1990s as a Republican representative of the 4th Ward, along with Daniel Cardillo, 49, of Wildwood, are each charged in a superseding indictment with conspiracy to commit wire fraud, the U.S. Attorney’s Office says.”
These fraudsters are all about the same age.
These guys were amateurs. I know a guy who made a killing by buying houses with partners, partners who could not stay in very long. He would buy out his partners for a song when his partners wanted out. In the meantime he did not pay the mortgage while collecting the rents. These were not bungalows, but McMansions. He had a lawyer out of Boston who kept the banks at bay for years, five, six, seven yeas of collecting market value rents in the NYC suburbs. When the end came, he would throw the keys through the front door and walk away with a fortune. All legal, but not right.
Middle age crazy. They realize their lives are running out so they embezzle, change careers, change wives, sometimes even change sexual identity or gender. Some guys turn 50 and can’t handle the down slope.
Ping
Thanks; I remember this guy. For a while he was the sole Republican on the council (he represented the “American Quarter” in town).
A friend ran for a council seat in another ward (on the Republican ticket); he thought he could win because he is Portuguese. He couldn’t put his party affiliation on his signs because the town had become so socialist...
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