mortgage fraud scheme involving a mortgage broker, three of his colleagues and two local real
estate companies leads to four indictments following an investigation
by the Pennsylvania Department of Banking, the FBI and the U.S. Postal
Inspection Service. The four men are accused of committing a mortgage
fraud scam involving more than $30 million in loans.
The four men have been identified as Anthony J. DeMarco III, 31, of Conshohocken,
Michael Richard Roberts, 29, of Swedesboro, N.J., Sean Ryan McBride, 36,
of Pittsburg, and Eric Bascove, 37, of Philadelphia.
Mr. DeMarco has been accused of operating the investment scam under his
two companies, DeMarco REI and King of Prussia and OPM Group. The men
allegedly used fraudulent documents to attain mortgage loans from lenders
in an attempt to steal equity in homes.
Mr. DeMarco told unsuspecting homeowners that his companies could assist
homeowners who were facing imminent foreclosure. The homeowners were told
that they would be able to rent the houses back and would be able to re-buy
the homes when they got financially back on their feet. Many of the homeowners
supposedly found themselves facing eviction following the transactions
with Mr. DeMarco’s companies.
Prosecutors have charged Mr. DeMarco, Mr. Roberts and Mr. McBride with
mail, wire and bank fraud. In addition, Mr. DeMarco was charged with money