NEWARK, New Jersey — A northern New Jersey couple convicted of fraudulently obtaining $3.4 million in mortgages is now headed to prison.
Federal prosecutors say 44-year-old Linda Yarleque of Westwood received a two-year sentence Tuesday, while her 47-year-old husband, Fabio Moreno Vargas, got an 18-month term. They also must pay $716,353 in restitution and will forfeit $262,198.
The couple was convicted last November on charges of bank fraud and conspiracy to commit wire fraud.
Prosecutors say the couple obtained 10 fraudulent loans over three years. They falsified their employment and income, didn't disclose their debts and other properties they owned and lied about where they lived.
The couple got $3.4 million in mortgages and personally pocketed about $269,000 through "cash out" refinancings. They used the money for vacations, cars and to buy more properties.