Former New Jersey Mortgage Broker Michael Pampalone Indicted For Wire Fraud For Allegedly Stealing $132,450

A federal court in New Jersey has arraigned former mortgage broker, Michael Pampalone. Law enforcement has charged Pampalone with two counts of wire fraud. They accuse him of stealing $132,450 from an East Greenbush, New York man.

The announcement was made by United States Attorney Richard S. Hartunian and New York State Police Superintendent Joseph A. D’Amico.

The indictment alleges that Pampalone stole $132,450 from an East Greenbush man. The man had hired Pampalone to help him obtain a mortgage. 

The indictment states Pampalone instructed the victim to wire funds to a New Jersey bank account. Consequently, Pampalone also pocketed the money after the wires were completed.

According to the Times-Union, the indictment also says:

“The man met Pampalone in 2012 when he wanted to refinance his home through Pampalone’s employer, Guaranteed Home Mortgage Company, Inc.

In September 2013, Pampalone told the man he no longer worked for Guaranteed Home Mortgage but that he would still help him get approved for a mortgage for the California property. He instructed the man to wire money to show underwriters he had liquid funds available for a down payment.”

Pampalone faces up to 20 years of imprisonment. He also faces a $250,000 fine. Federal authorities indicted him on December 23, 2015. He was also later arraigned on January 4, 2016 before Magistrate Judge Daniel J. Stewart.  He was also  released on a bond pending a trial.

The charges in the indictment are also merely accusations.  The defendant is presumed innocent until proven guilty.

This case is being investigated by the New York State Police and the United States Postal Inspection Service, and is being prosecuted by Assistant United States Attorney Wayne A. Myers.

You Can Also Read More About Fraudsters And Scam Artists On MFI-Miami.com