Klary Arcentales, 45, pleaded guilty on Tuesday to one count of conspiracy to commit bank fraud and four counts of bank fraud. She will now face a maximum penalty of 30 years in prison for her role in a large-scale mortgage fraud scheme that bilked lenders out of more than $2 million.
While working as a loan officer at Premier Mortgage services, Arcentales provided fraudulent documents to financial institutions that convinced the lenders to fund mortgage loans to bogus buyers. She was then able to profit illegally by receiving commission from Premier for each mortgage loan that she closed, and by diverting portions of the fraudulently obtained mortgage proceeds to herself.
Two other conspirators, Lester Soto, 57, and Linda Cohen, 56, have already pleaded guilty in connection to this mortgage fraud scheme. Soto hired “document makers” to work up the fraudulent papers and put loan officers in contact with these document makers to create other fraudulent documents. Cohen was a paralegal who acted as the settlement agent on loans Arcentales brokered.
Sentencing hearings for the conspirators have been scheduled as follows:
- Klary Arcentales on May 29, 2014.
- Lester Soto on February 10, 2014
- Linda Cohen on February 18, 2014
Assistant United States Attorneys Rahul Agarwal and Zach Intrater, of the Criminal Division in Newark, prosecuted this case. The investigation was led by the Federal Bureau of Investigation, the IRS-Criminal Investigation, and the Social Security Administration-Office of Inspector General.