A Burlington County man has been sentenced to 54 months in prison for his role in a mortgage fraud scheme that caused $2.7 million in losses, authorities said.
Acting U.S. Attorney William E. Fitzpatrick said Pierre Chainey, 42, of Tabernacle, New Jersey, previously pleaded guilty before U.S. District Judge Noel L. Hillman to one count of conspiracy to commit wire fraud and one count of money laundering.
Chainey had established a Northfield-based mortgage brokerage company in 2005 and served as its chief executive officer. From November 2005 through at least January 2008, prosecutors said, he conspired with others to profit from the sale and purchase of properties in New Jersey by obtaining mortgage loans for unqualified borrowers by using fraudulent documents.
Hillman imposed the sentence July 7 in Camden federal court.