Former County Financing Head Pleads Guilty in Mortgage Fraud Case
Ronald J. O'Malley could face up to 20 years in prison for using his Ridgewood mortgage business to defraud lenders
The former head of the Bergen County Improvement Agency (BCIA) pleaded guilty Tuesday to his role in defrauding banks in a vast mortgage scheme, according to the U.S. Attorney's Office. Ronald J. O'Malley, 48 of Upper Saddle River, pleaded guilty to one count of conspiring to commit wire fraud in U.S. District Court Tuesday morning. O'Malley used his position as chairman and commissioner of the BCIA to falsify employment records with his Ridgewood-based Residential Mortgage, according to the 68-count indictment filed by federal prosecutors in August of 2010. According to prosecutors, O'Malley and co-conspirators Edward Olimpio, the co-owner of Residential Mortgage Corporation; secretary Rachel Fischbein; employees Daniel Gilmore Laura-Jean…
