Former Stamford, N.Y. Mortgage Broker John A Sanzone, Sr. Pleads Guilty to Role in Mortgage Fraud Scheme
September 23, 2010
Delhi, N.Y.: Richard D. Northrup, Jr., District Attorney for Delaware County, Richard H. Neiman, Superintendent of Banks for the State of New York, and the New York State Police today announced the guilty plea of a former Stamford, N.Y., mortgage broker to one count of Forgery in the Second Degree, a Class D felony. JOHN A. SANZONE, Sr., 44, is scheduled to be sentenced at a later date before Acting Delaware County Court Judge Brian D. Burns to an indeterminate term of incarceration in state prison of 1 to 3 years. Mr. Sanzone was indicted in May 2010 during a grand jury presentment made by attorney Gia L. Morris, Assistant Director of the Criminal Investigations Bureau for the New York State Banking Department, who was specially designated as an assistant district attorney for this investigation and prosecution.
SANZONE, of Saratoga Springs, N.Y., was the owner of Catskill Mortgage, a mortgage brokerage firm that operated in Stamford, N. Y. until September 2008. SANZONE was charged by indictment with abusing his position as a mortgage broker in order to obtain mortgages using false and altered documents.
District Attorney Northrup said, “I’d like to thank Superintendent Neiman for agreeing to assign Ms. Morris and Bank Examiner Jack A. Massaro to take the lead in what has been a lengthy investigation and uncommonly complicated prosecution. Their work has been superb in bringing about an appropriate resolution of the matter.”Superintendent Neiman said, “Today’s case underscores the commitment the Banking Department has made to aggressively pursue those who take advantage of their positions in the mortgage industry for their own financial gain. We will continue to use the full power of the law – whether it be writing new regulations or enforcing the existing ones – to ensure that the public is protected from such individuals.”
The New York State Banking Department is the regulator for all state-chartered banking institutions, virtually all of the United States offices of international banking institutions, all of the State’s mortgage brokers, mortgage bankers, check cashers, money transmitters and budget planners. The aggregate assets of the depository institutions supervised by the Banking Department are more than $2.4 trillion.
In addition to regulating banking institutions, the Banking Department is active in informing and educating all New Yorkers on banking matters. To contact the Banking Department, please call 1-877-BANK-NYS or visit our Web site at www.dfs.ny.gov.