Judge Puts Bite On Dentist: 10 Years For Mortgage Fraud

Staten Island dentist Terrance Stradford was sentenced on July 21 to 10 years in prison by US District Judge Freda Wolfson in Trenton, New Jersey in connection with loan frauds totaling $2.76 million. A jury convicted Stradford in September 2007 on 24 counts including conspiracy, tax evasion, wire fraud and money laundering. Stradford obtained mortgages from two lenders totaling $1.36 million on a property in Berlin Township, New Jersey worth about 25% of that amount and already encumbered by first and second mortgages, by falsifying deed records to show that there were no other mortgages and having the proceeds wired to a title company he had established to carry out the scheme. He was assisted by Christina Hachadoorian, who pleaded guilty and testified against him; she is to be sentenced in November. The defendants spent the proceeds on themselves, including the purchase of a 46 foot yacht. Judge Wolfson also held Stradford responsible for $1.4 million in other fraudulent loan transactions (Courier-Post, DOJ).