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Annandale Resident Ralph Divino Faces Federal Charges Over $1.5M Fraud
U.S. Attorney Philip R. Sellinger highlights the indictment over title insurance deception.
Morristown, NJ - A Hunterdon County man stands accused of deceiving a New Jersey title insurance company out of an estimated $1.5 million, as unveiled by U.S. Attorney Philip R. Sellinger.
Ralph Divino, 62, a resident of Annandale, New Jersey, was formally indicted on two wire fraud counts. On October 31, 2023, in Newark federal court, Divino pled not guilty before U.S. Magistrate Judge James B. Clark III and subsequently secured release on an unsecured bond.
Court documents and in-session statements detail the following:
In a span of two months, between October and November 2018, Divino orchestrated a scheme targeting a local title insurance company. The company was left with an approximate loss of $1.5 million due to Divino's deceit, wherein he managed to illicitly acquire a residential property and funds amounting to more than $900,000.
Divino misled the company by initially indicating an intent to buy two homes located in Warren and Annandale, NJ. He falsely claimed to have wired $1.5 million for the properties but had, in reality, sent no such funds.
On Divino's false word, the insurance firm returned $987,000, presuming it was an overpayment for a property in Warren he no longer desired. Divino promptly utilized these funds for personal acquisitions, such as luxury vehicles, and further procured ownership of the Annandale residence without any payment to the insurance entity.
The scheme unraveled in November 2018 when the company realized Divino's failure to wire any funds for the properties. Though Divino presented checks from a purported business account summing up to $1.5 million, they were declined by the bank due to insufficient funds. Despite subsequent misleading communications from Divino, the title insurance company remains uncompensated for the fraudulently acquired sum.
The severity of wire fraud allegations can lead to a maximum penalty of 20 years of imprisonment and substantial fines, the greater of either $250,000 or double the financial gain or loss incurred.
The meticulous investigation preceding these charges was led by the FBI, supervised by Special Agent in Charge James E. Dennehy of Newark. Representing the government in this case is Assistant U.S. Attorney Samantha C. Fasanello from the Cybercrime Unit in Newark.
It's essential to underscore that an indictment is merely an allegation. All defendants, including Divino, are granted the presumption of innocence until proven guilty in a court of law.
