Those involved, authorities allege, falsified documents to obtain mortgages that exceeded the actual values of the condos.
Fullenwider and the others had negotiated a buyout of oceanfront condominiums that were overbuilt by financially distressed developers, according to court records.
They then arranged for sales of properties - including some located in Wildwood Crest and North Wildwood in New Jersey and Naples, Fla. - for inflated prices that guaranteed large proceeds, authorities alleged.
Fullenwider and other straw buyers created false documents to appear credit-worthy, authorities said.
When federal authorities served a subpoena on a mortgage broker involved, Kinard J. Henson of Ventress, Ala., he allegedly attempted to have one of the witnesses killed, according to the indictment. The witness was lured into a wooded area in Alabama and shot in the chest, but survived.
Henson has pleaded guilty to charges involving his participation in the scheme.
On Tuesday, Fullenwider, who used the alias Stanley Hyde, admitted that he had used false identification and faked loan documents to secure the mortgages.
Others charged include Timothy Ricks of East Orange and Deborah L. Hanson of Voorhees, who also have pleaded guilty.
Four others, including Sean A. Souels of Philadelphia and Nancy E. Wolf-Fels of Toms River, are scheduled for trial Monday. Seth A. Fuscellaro of Wildwood Crest also was indicted, but charges were dismissed. Another defendant has since died.