A grand jury in Bergen County, N.J., has returned an indictment against a former credit union employee and 11 others, charging that they participated in what eventually became a more than $3 million mortgage fraud against the $336 million Paragon Federal Credit Union.
The Montvale, N.J., credit union did not return several calls requesting comment on the case.
According to a statement from the prosecutor's office and court records, the alleged fraud conspiracy revolved around two mortgage brokerage firms with which the CU did business: AOR Consultants and Apex Consultants. Both of the firms operated out of the same offices in North Bergen, N.J., and both firms used a loan broker named Flavio Cardoza.
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