A former Hudson County Sheriff’s officer has admitted to lying in connection to a fraudulent short sale back in 2015, U.S. Attorney Philip Sellinger announced.
By John Heinis/Hudson County View
Osbado Hernandez, 54, of Avenel, pleaded guilty before U.S. District Judge Michael A. Shipp in Trenton federal court yesterday to an information charging him with one count of conspiracy to make false statements in connection with the release of a loan.
From September 2015 to December 30th, 2015, in order to induce a bank to discharge the mortgage he owed on his house in Keansburg, Hernandez agreed with others to make false statements in connection with a fraudulent short sale of the property.
This included asserting that he did not have any money to apply toward his mortgage delinquency and that he did not intend to stay in the house for more than 90 days following the short sale.
As a result of the fraudulent short sale, the bank discharged over $98,000 of debt against Hernandez.
According to the criminal complaint, Hernandez owed $252,357, including late fees, as of June 2015, about eight-and-a-half years after purchasing the property for $239,900.
Hernandez fraudulently withheld information regarding the availability of funds in a savings account he failed to disclose to the bank.
Hernandez also signed a sworn affidavit that he would not stay in the property for more than 90 days following the short sale, even though he intended to, and did, continue living at the property. He was first charged back in July.
The false statements conspiracy charge is punishable by a maximum potential penalty of five years in prison and a maximum fine of up to $250,000. His sentencing is scheduled for October 4th.
Sellinger credited special agents with the U.S. Attorney’s Office, under the direction of Special Agent in Charge Thomas Mahoney, and special agents with IRS – Criminal Investigation, under the direction of Special Agent in Charge Tammy Tomlins, with the investigation leading to the guilty plea.
