Father and Son Charged With Fraudulent Foreclosure Scheme
Investigators say the father, of Jackson, allegedly promised to bail out homeowners from foreclosure but instead sold the homes to unwitting investors while conspiring with the son, of Old Bridge, to steal millions from lenders.
A father and son were charged today in an alleged scheme in which the father allegedly promised to rescue homeowners facing foreclosure, but instead sold their homes to investors and conspired with the son to steal $4.5 million from lenders by filing fraudulent mortgage applications in the investor's names, according to Attorney General Jeffrey Chiesa. Vito Grippo, 47, of Jackson and his son, Frederick Grippo, 32, of Old Bridge, were charged by a complaint summons with conspiracy and theft by deception. Vito Grippo was also charged with money laundering and theft by failure to make required disposition of property received, according to the Office of the Attorney General. All of the charges are in the second degree and are the result of an…
