Mark Bellotti and Jonathan Domash of Marlboro plead guilty to .6M home loan scheme | Economy | -- Your State. Your News.

Jul 05th
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Mark Bellotti and Jonathan Domash of Marlboro plead guilty to $2.6M home loan scheme

belottiMark022212_optLeonardo Hernandez of Hillsborough also pleads guilty to his role

A lawyer and an investment broker from Monmouth County have pleaded guilty for their roles in a scheme to steal more than $2.6 million from lenders by filing fraudulent mortgage loan applications, state Attorney General Jeffrey S. Chiesa announced Wednesday.

The lawyer, Mark J. Bellotti, 55, of Marlboro, pleaded guilty to second-degree charges of conspiracy and theft by deception before state Superior Court Judge Anthony J. Mellaci Jr. in Freehold. Under a plea agreement, the state will recommend that Bellotti be sentenced to five years in state prison and pay a fine of $100,000.

The broker, Jonathan P. Domash, 41, of Marlboro, owner of Diversified Assets, pleaded guilty to a charge of third-degree theft by deception. Under a plea agreement, the state will recommend that Domash be sentenced to 364 days in jail and five years of probation.

In pleading guilty, Bellotti and Domash admitted that they conspired to falsify mortgage loan applications to cause banks to provide loans to unqualified home buyers. The two men were charged in an April 11, 2011 state grand jury indictment stemming from an investigation by the state Division of Criminal Justice Financial & Computer Crimes Bureau. Deputy Attorney General Valerie A. Noto prosecuted the case.

“These defendants exploited all parties to these fraudulently arranged mortgage loans, dooming unqualified home buyers to foreclosure and lenders to major losses, while they ran off with enormous fees,” Chiesa said. “With these guilty pleas, we are putting these con artists behind bars, where they belong.”

“We’re aggressively targeting financial fraud, which is particularly destructive during this time of economic turmoil, when many are vulnerable and may jump too quickly at a chance to get ahead,” state Criminal justice Director Stephen J. Taylor said. “We urge investors to use caution and report suspicious schemes to us.” domashJonathan022212_opt

The indictment charged Bellotti and Domash in connection with seven mortgage loans totaling $2,671,400. A third person named in the indictment, Leonardo A. Hernandez, 40, of Hillsborough, pleaded guilty Tuesday to an amended count of the indictment charging theft by deception as a disorderly persons offense. He admitted that he submitted false information and documents in connection with several of the loans.

Hernandez faces a sentence of probation. Charges remain pending against three other individuals who were charged in the indictment for allegedly assisting Bellotti and Domash. Additional people may also face charges.

Judge Mellaci scheduled sentencing for Bellotti and Domash for July 13, and scheduled sentencing for Hernandez for April 5.


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