JERSEY CITY AND SECAUCUS — The U.S. Attorney’s Office in Newark announced that Jersey City police officer Brian Ragauckas, 36, of Secaucus, was arrested today based on a complaint charging him with bank fraud in connection with a $529,777 mortgage loan that he obtained allegedly through false representations to the former Countrywide Bank FSB.
According to the complaint, Ragauckas and his wife in or about March 2008, in order to facilitate the purchase of a multi-family dwelling in Jersey City, allegedly failed to declare his outstanding mortgage liability on his home in Secaucus; allegedly falsely reported that he rented, rather than owned, the Secaucus property; and allegedly falsely stated that he had not had an ownership interest in any property in the last three years.
The complaint further alleges that Ragauckas thereafter represented in a signed Uniform Residential Loan Application for the Jersey City property that these statements were “true and accurate,” and alleges that Ragauckas signed and submitted documents in which he falsely stated that he was a first-time home buyer.
The bank fraud charge carries a maximum penalty of 30 years in prison and a $1,000,000 fine. – RK