GUILTY PLEA IN BOGUS WILDWOOD CONDO LOANS

A 27 year old property manager from Jersey City has pleaded guilty in connection with a mortgage scheme that involved condos located in the Wildwoods.  Steven Schaltmann admitted in court Friday that he and a partner recruited straw buyers to purchase condos in the Wildwoods at inflated prices.  Schaltmann admitted to one count of conspiracy to commit wire fraud and one count of conspiracy to commit money laundering.