Lawyer sentenced for part in fraudulent mortgage loan scheme

TRENTON, N.J. (AP) - State authorities say a lawyer who conspired to steal greater than $800,000 by using stolen or fictitious identities to file fraudulent mortgage loan applications is now headed to prison.
Michael Palmer received a four-year sentence Friday as well as have to spend restitution for any losses not however recovered by his victims. The 57-year-old Clifton man, who had a law practice in Passaic, also surrendered his law license.
Palmer had pleaded guilty in March to conspiracy to commit theft by deception and income laundering.
He admitted defrauding lenders in connection with $481,903 mortgage loan for any residential property in Elizabeth and another mortgage loan for $319,113 for any residential house in Passaic. Palmer conspired with other defendants in the two fraudulent true estate sales that induced the lenders to make the loans.


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