New Jersey Man Cops to $80 Million Fraud Plot, Faces SEC Claims

A New Jersey man pleaded guilty to an $80 million fraud in a scheme that involved refinancing mortgages on apartment buildings and targeting investors who are members of the Orthodox Jewish community, federal prosecutors said.

Seth P. Levine of Teaneck, N.J., is the owner of Norse Holdings and controlled more than 70 multi-unit properties, the Justice Department said. In a guilty plea Thursday, he admitted to committing bank fraud by refinancing mortgages with forged signatures and providing false information to financial institutions, according to the DOJ. He pleaded guilty to one count of securities fraud and one count of conspiracy ...