Really? These guys are gettting charged while Lloyd Blankfein and everyone else at the top are still kings. Awful.

Grifttopia, look it up

But these guys were firefighters so they are automatically heroes right? How could they possibly be arrested? Must be some sort of mistake.

Crooked cops, firefighters, cityhall staff, elected officials.....We sure are the most corrupt city (per population ratio) in New Jersey, if not the nation.

Two Jersey City firefighters among six people arrested in mortgage fraud scheme

Published: Wednesday, June 15, 2011, 3:00 AM
By Michaelangelo Conte/The Jersey Journal



Firefighter -- KEVIN ELAM

Two Jersey City firefighters are among six people arrested in connection with an alleged $2 million mortgage fraud scheme that operated with the help of two Bank of America employees, officials said yesterday.

Firefighters Shawn Gallemore, 37, and Kevin Elam, 29, both of Jersey City, are charged along with Brian Lyles, 39, of Jersey City, as well as Melito Castillo, 45, of Newark, and two Bank of America employees, Hudson County Assistant Prosecutor Karyn Darish said.

The firefighters were hired in 2007 and are to be suspended without pay by today, Jersey City Fire Department Deputy Director Jerry Cala said yesterday.

The alleged conspiracy centered around GMI Home Loans on Ocean Avenue in Jersey City, which was operated by Lyles, Darish said, adding that Castillo worked there as a loan officer.

Individuals among those charged would find cheap Jersey City properties, such as those in foreclosure, and recruit straw buyers for them, Darish said.

The straw buyers would be paid $5,000 to $20,000 to put a property in their name with the promise that after a year it would be transferred to someone else who was unable to purchase at the time due to bad credit, Darish said.

The bank employees allegedly altered records to make it appear the straw buyers had sufficient funds to secure the loans, Darish said. On other occasions, funds were temporarily deposited in the accounts of the straw buyers in order to secure the loans, Darish said of the allegations.
When some loans defaulted, it drew the attention of investigators.

Lyles, Gallemore and Castillo are charged with theft by deception, conspiracy to commit theft by deception, falsifying or tampering with records, fraud related to public records and deceptive business practices, Darish said. Elam is not charged with the theft by deception count, Darish said.
The bank employees are charged with forgery, fraud related to public records, and conspiracy to commit theft by deception, Darish said, adding that their names are not being released due to the investigation.