Mortgage Co owner pleads guilty in NJ to Bank Fraud

Totowa, NJ

Sung Ho Mo, a/k/a “Douglas Mo,” 53, of Totowa, New Jersey pleaded guilty to bank fraud. His name sounds Korean. What was his crime? He faked tax returns and other documents to obtain multiple lines of credit. His theft was around 1.3 million dollars. See story here.https://www.justice.gov/usao-nj/pr/passaic-county-new-jersey-man-admits-role-13-million-shotgun-loan-scheme

How much time will he sit? I guess he can sit between probation and five years. That would be my best guess. A lot of it depends on the guideline based on the loss amount.

The story does not say how the investigation of his business began. I assume it began when he defaulted on paying back the loans.


If he took it trial and lost he would have gotten hammered. The fact that he plead guilty and spared the government a trial, will now work in his favor.

To see what he can expect, go here...http://www.amazon.com/PRISON-expect-Federal-Bureau-Prisons-ebook/dp/B011GTWLOG