Former Hudson County Sheriff Official Charged with False Disclosure Related to Fraudulent Short Selling | USAO-NJ

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NEWARK, NJ – A former Hudson County sheriff official has been charged with misrepresenting a bank in connection with a fraudulent short sale of a mortgage application, U.S. Attorney Rachael A. Honig said.

Osbado Hernandez, 52, of Avenel, New Jersey, is charged with a complaint of knowingly providing false information to influence the actions of an FDIC-insured bank. Hernandez videoconference appeared before U.S. Judge Jessica S. Allen in federal court in Newark this afternoon and was released with an unsecured bond of $ 100,000.

According to documents filed in this case and statements made in court:

In order to get a bank to repay a mortgage on a property in Keansburg, New Jersey, from September 2015 to December 30, 2015, Hernandez misrepresented a fraudulent short sale of the property, including the fact that he had no money that he needed for his mortgage defaults and that he intends to vacate the property after the short sale. Hernandez has fraudulently withheld information about the availability of funds in a savings account that he has not disclosed to the bank. Hernandez also signed an affidavit that he would not stay in the property for more than 90 days after the short sale, even though he intended and continued to live in the property. As a result of the fraudulent short sale, the bank paid over $ 98,000 in debt to Hernandez.

The misrepresentation charge carries a maximum possible sentence of 30 years in prison and a maximum fine of up to $ 1 million.

The incumbent US attorney honey attributed special agents to the US attorney general under the direction of the responsible special agent Thomas Mahoney and the special agent of the IRS – Criminal Investigation under the direction of the responsible special agent Michael Montanez, the investigation led to the charge.

The government is represented by Assistant Attorney General Elaine K. Lou of the Special Prosecutions Division in Newark.

The allegations and allegations contained in the complaint are merely allegations and the defendant is presumed innocent until proven guilty.


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