NJ Couple Convicted in $3M Mortgage Fraud Scheme

Four people, including a husband and wife, have been convicted in federal court in New Jersey of conspiring in a timeshare mortgage fraud scheme.

Authorities say they netted $3 million by offering phony services to timeshare owners and used a convicted bank robber with the title of "director of compliance" as an enforcer.
Prosecutors say 28-year-old Adam Lacerda of Egg Harbor Township devised a fraudulent sales pitch for his Vacation Ownership Group. Prosecutors say the sales force was told to lie that the company worked with banks holding customers' loans and could cancel their timeshares and get their money bank.

Lacerda's 32-year-old wife, Ashley, was vice president.
They each face up to 20 years in prison when they're sentenced in December.
Thirteen people have pleaded guilty in the scheme.

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Copyright AP - Associated Press
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