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

Former New Jersey Mortgage Broker, Michael Pampalone of Elizabeth, New Jersey, was arraigned last week on an indictment charging him with two counts of wire fraud for stealing $132,450 from an East Greenbush, New York man.

The announcement was made by United States Attorney Richard S. Hartunian, New York State Police Superintendent Joseph A. D’Amico, and Shelly A. Binkowski, Inspector in Charge, United States Postal Inspection Service, Boston Division.

The indictment alleges that Pampalone, a former New Jersey mortgage broker, stole $132,450 from an East Greenbush man who hired Pampalone to help him obtain a mortgage.  According to the indictment, Pampalone instructed the victim to wire funds to a New Jersey bank account, and then, after the wires were completed, stole the money.

According to the Times-Union,

“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 and a $250,000 fine, if convicted.  Pampalone, who was indicted on December 23, 2015, was arraigned on January 4, 2016 before Magistrate Judge Daniel J. Stewart.  He was released on a bond pending a trial scheduled for March 7, 2016 before District Judge Mae A. D’Agostino.

The charges in the indictment are 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.