11 homebuyers to be paid restitution
The owner of a title company in Red Bank was sentenced to state prison Friday for stealing $3.8 million in loan proceeds intended for payment of mortgage balances and other closing costs.
Ronald P. Mas Jr., 35, of Red Bank, a mortgage broker, settlement agent and owner of Olde Gotham Title and Settlement Services, was sentenced to 12 years by state Superior Court Judge Thomas V. Manahan in Morristown. Manahan executed a consent judgment to pay full restitution of $3,841,616 to the title company that insured the mortgages.
