Colts Neck mortgage broker charged in $11M fraud scheme

As chief executive officer of Worldwide Financial Resources, David Findel was the top bidder in 2008 for the rights to buy two 50-yard line season tickets at the new stadium, scheduled to open at the Meadowlands Sports Complex.

His Morganville-based company also was on a fast track, originating and funding up to $90 million of mortgages each month, then selling them to mortgage banks and other financial institutions at a profit, according to the FBI.

But the housing market stumbled in January 2008, and with it, Worldwide Financial’s business. Findel, 44, continued to finance his lavish lifestyle by preparing false documents and reselling single mortgages multiple times to a variety of financial institutions, according to an FBI criminal complaint filed late Tuesday in Newark’s federal district court. In July 2009 alone, Worldwide resold at least 27 such nonexistent mortgages, according to the FBI.

“Findel finally walked in to a government office and gave himself up,” Newark FBI spokesman Bryan L. Travers said. “The banks were pressing him for their money and he knew the jig was up. Right after that [surrender], we filed the criminal complaint.”

Findel was released on a $1 million secured bond, according to an FBI announcement, which noted he faces up to 20 years in prison and a $250,000 fine if convicted.

Findel’s Red Bank attorney, Robert A. Weir Jr., did not return a reporter’s message seeking comment.

E-mail Martin C. Daks at mdaks@njbiz.com