Attorney admits to running mortgage scam

NEWARK, N.J. (AP) — A New Jersey attorney has admitted running a large-scale mortgage fraud scheme that caused millions of dollars in losses.

Christopher Goodson pleaded guilty Friday to conspiracy to commit bank fraud, The 45-year-old Newark man now faces up to 30 years in prison when he’s sentenced Jan. 29.

Federal prosecutors say that from January 2011 through August 2017, Goodson and others engaged in a short-sale mortgage fraud conspiracy targeting various New Jersey properties with mortgages that were in default.

The conspirators allegedly setup simultaneous fraudulent transactions using the same target property.

Prosecutors say Goodson and a co-defendant rigged the short sale process along each step to maximize the difference in price and keep the victim financial institutions from detecting the fraud.