A federal jury found the former Mayor of Willingboro Township, New Jersey, and his business associate guilty of mortgage fraud in connection with a fraudulent short sale of real estate.
Former Mayor Nathaniel Anderson, who is also a town councilman, and Chrisone D. Anderson were each convicted of one count of conspiracy to commit wire fraud affecting a financial institution, one count of bank fraud, and two counts of making a false statement on a mortgage application.
According to the charges brought against them, from March 2015 through June 2017 the defendants conspired to orchestrate a fraudulent short sale of a property in Willingboro from Nathaniel Anderson to Chrisone D. Anderson.
As part of the conspiracy to defraud a government-sponsored enterprise to discharge a mortgage obligation on the property in Willingboro and to induce a mortgage lending business to issue a new mortgage on the property, Chrisone D. Anderson executed mortgage documents containing materially false representations. These misrepresentations included that the short sale was an arm’s length transaction, that Chrisone D. Anderson did not have a prior business relationship with Nathaniel Anderson, that Nathaniel Anderson would not continue to occupy the property as his residence following the short sale, and that Chrisone D. Anderson would occupy the property as her primary residence.
As a result of the fraudulent short sale, the government-sponsored enterprise discharged Nathaniel Anderson’s mortgage obligation, causing a total loss of over $200,000, and the victim lender issued a new mortgage on the property.
The defendants were indicted in August 2024 and the jury deliberated for approximately two-and-one-half hours before returning verdicts following a two-week trial. Sentencing is scheduled for June 1, and the charges of conspiracy to commit wire fraud affecting a financial institution, bank fraud, and making false statements on a loan application are each punishable by a maximum potential penalty of 30 years in prison and a maximum fine of up to $1 million.
Photo: Nathaniel Anderson
