Jay Berger Fraud
Jay Berger is a 54-year-old mortgage broker from Pennsylvania who was charged with real estate closing fraud. He is also title agent and a settlement agent as well. Because of the charges filed against him, the case was labeled as the Jay Berger Fraud .
The Jay Berger Fraud consist of the alleged involvement of Jay Berger himself in the real estate closing scheme where lenders and title companies were defrauded with excess of 4.6 million dollars.
The charges were filed by the Information in Connection. Along with Jay Berger in the case was Margaret Carole Fisher who was charged as well in separate Information.
The idea of the Jay Berger is that Berger himself would be paying off the existing mortgages right after the settlements. But then keep the funs to himself. Jay Berger will be diverting the funds that are intended for the pay off of the existing mortgages.
The diversion will be controlled by Jay Berger through a bank account that he controls. Once the diversion is done, a request for a change of address will be sent to the holder of the existing mortgage of clients. Then all correspondences will be forwarded to the office of Jay Berger or either to a post office box that is merely controlled by Jay Berger.
In most instances, part of the Jay Berger is that some payments are at least made on the existing mortgage of the clients. This is in order to prevent high priority foreclosures.
Once the homeowner or client had discovered that the existing mortgage had been paid off at a later date that's the time Jay Berger would wrongly tell to the homeowner or client that there had been some clerical errors on the documents or any misunderstandings. And that Jay Berger himself would take care of everything.
The Jay Berger Fraud also involves the companies owned by Jay Berger namely the Imperial Abstract and Settle Company, a title insurance agency and the United Mortgage Service Company, which is a mortgage broker company.
Back to Our Scandal Archives