A Delaware County man was charged Thursday with joining a mortgage fraud conspiracy that resulted in losses of more than $600,000.
Federal prosecutors said Michael J. Smith, 31, of Springfield, was a mortgage broker for companies in West Chester and Newtown Square, who schemed with John C. Lucidi, Jr. and Eric Maratea, among others, to buy properties at the Jersey Shore at inflated prices so buyers could receive kickbacks of tens of thousands of dollars.
Smith, who was one of the buyers, schemed with Lucidi, Maratea and others between October 2006 and June 2007, to purchase properties in North Wildwood, N.J., authorities said. The indictment said that the kickbacks were not disclosed to various mortgage lenders and that Smith applied for the mortgages himself and helped others apply for mortgages using bogus information. Smith was charged with conspiracy, wire fraud and money laundering.