Father, son sentenced in foreclosure fraud case
TRENTON, N.J. - June 21, 2013 (WPVI) -- A father and son from New Jersey were sentenced for preying on homeowners facing foreclosure.
Vito Grippo, 58, and his son 32-year-old son, Frederick, were sentenced for stealing more than $1 million from homeowners trying to avoid foreclosure.
Vito, who is from Jackson Township, promised to rescue homeowners but instead sold their homes to investors.
"These men ruthlessly targeted homeowners who were struggling during the national housing crisis, surreptitiously selling off the homes of their victims and stealing a total of $1.3 million in equity the homeowners had accrued," said Acting Attorney General Hoffman in a statement. "Let us be clear - financial predators of this type will face lengthy prison sentences."
Vito was sentenced to 10 years in prison while his son was sentenced to four years.
new jersey, fraud, local/state
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