Two real estate agents from the Wildwoods are facing charges in connection with a $15 million mortgage fraud scheme.
40 year-old Fredric DiAntonio of Wildwood and 43 year-old Kathryn Lockwood of Wildwood Crest were indicted by a grand jury along with two others on wire fraud and money laundering charges. According to the indictment, DiAntonio and Lockwood wrote real estate sales contracts, which listed deposits from buyers that were not collected.
The four conspirators also allegedly agreed that sellers would pay kickbacks to buyers without disclosing the kickbacks to the mortgage companies.
The accused face a maximum potential penalty of 30 years in prison and a $1 million fine for fraud and a maximum penalty of 10 years in prison and a $250,000 fine for money laundering.