Detective gets prison term for role in mortgage fraud
CAMDEN, N.J. (AP) — A former detective with the Atlantic County Prosecutor’s Office is headed to prison for her role in a mortgage fraud conspiracy scheme.
Federal prosecutors say Betsy Borges bought property in Mays Landing in 2002 and then failed to make the mortgage payments despite collecting rent from tenants living there. Borges also concealed the rent income she made.
Borges subsequently arranged with a bank for another woman to buy the property through a short sale. But prosecutors say the women didn’t tell the bank they had a “familial relationship” or that Borges and another conspirator gave the other woman money to buy the property.
A company owned in part by Borges bought the property four years later for $25,000. A few months later, Borges bought it for $1.
Borges received an 18-month sentence Thursday. She also must pay $206,405 in restitution.