Nathaniel Anderson, a town councilman and the former Mayor of Willingboro in Burlington County, New Jersey, was sentenced to 12 months and a one day in prison, followed by a three-year term of supervised release for committing mortgage fraud in connection with a fraudulent short sale of real estate.
According to the charges brought against him, from March 2015 through June 2017 Anderson conspired to orchestrate a fraudulent short sale of a property in Willingboro to his business associate 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. In February, they were convicted by a federal jury 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.
Chrisone D. Anderson was sentenced to eight months’ home confinement to be followed by a three-year term of supervised release. Both defendants were also ordered to pay restitution to the victims in the total amount of $221,9862.71.
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