Mortgage Shotgunning Scheme Sends Real Estate Broker To Prison

Real Estate Broker Sentenced to Prison for Role in Defrauding Banks in $3.5 Million Mortgage Shotgunning Scheme

mortgage shotgunning 2New York real estate broker Michael Arroyo and a Bergen County homeowner Rafael Popoteur are going to prison. The court sentenced the pair for their respective roles in a $3.5 million mortgage shotgunning scheme.
Arroyo and Popoteur used false information and simultaneous loan applications at multiple banks to obtain HELOC loans. This type of bank fraud is referred to as “mortgage shotgunning.”
The court sentenced Arroyo to 21 months in prison. He previously pleaded guilty to bank fraud in Newark federal court.
The court sentenced Rafael Popoteur to three years of supervised release. The order also includes one year of house arrest. He previously pleaded guilty to conspiracy to commit bank fraud.

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