An Ocean County, N.J., man who previously admitted his role in a $40.8 million mortgage fraud conspiracy in which he used his position as a loan officer of Wells Fargo Home Mortgage Inc. to get the company to release more than $4.6 million based on fraudulent mortgage loan applications, was sentenced to two years in prison.
Robert Serao, 48, of Bayville, N.J., pleaded guilty before U.S. District Judge Joseph Irenas in March to a charge of conspiracy to commit wire fraud. He is the 10th defendant to plead guilty in the case.
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