Jersey City police officer is charged with bank fraud
By Joe Ryan/The Star-Ledger
March 10, 2010, 10:29AM
NEWARK –– A Jersey City police officer was arrested today by the FBI and charged in federal court with bank fraud for allegedly lying to secure a roughly $530,000 loan, authorities said.
Brian Ragauckas, 36, of Secaucus, falsely claimed he was a first-time home-buyer in 2008 when he applied for a loan from Countrywide Bank to buy a three-family home in Jersey City, authorities said. When asked about his house in Secaucus, Ragauckas said he was renter, not an owner, authorities said.
But Authorities said the 11-year police veteran bought the Secaucus property in 2000 and was paying the $513,700 mortgage, authorities said. The officer defaulted on the Secaucus home last year, authorities said.
When interviewed by the FBI, Ragauckas admitted lying about the mortgage because he feared otherwise the bank would deny him a loan for the Jersey City property, authorities said.
Ragauckas appeared for a brief hearing in federal court in Newark, where U.S. District Magistrate Judge Mark Falk released him on $200,000 bail and ordered him to refrain from gambling. When asked why, Ragauckas' lawyer, James Patuto, did not elaborate.
"None of these allegations have anything to do with his job," Patuto said.
A Jersey City police spokesman did not return calls seeking comment.
The bank fraud charge carries a maximum penalty of 30 years in prison and a $1,000,000 fine, said Assistant U.S. Attorney Leslie Faye Schwartz.
Sounds like he bet the farm & lost.
Sucks to be him..there's that little spot JUST ABOVE where you sing that states "I affirm under penalty of perjury that the above information is correct to eb thest of my knowledge" or words to that effect. And it DOES affect his job..how can he walk into ANY court and Testiofy as a Credible Wintess after this? Dont let the door hit you on the way out "Brother".