.

Wall Family Arrested in Alleged Lakehurst Condo 'Flipping' Scheme

Four Wall residents arrested by Ocean County Prosecutor's Office

Lakehurst condominiums are at the center of a fraud investigation that ensnared a Wall Township developer, several of his family members and an associate, authorities said.

Around 6 a.m. Wednesday, the Ocean County Prosecutor’s Office, along with other law enforcement agencies, arrested four members of Wall's Colatrella family and charged each in connection with fraudulent financial activities, including mortgage loan activities, according to a release from the Ocean County Prosecutor’s Office.

The Prosecutor’s Office says those arrested bilked $2 million from a real estate deal “flipping’’ scheme involving condominium units located at 114 Center Street in Lakehurst, according to the release.

Arrested were:

  •  Christopher Colatrella, 40, of Martin Road, the owner of CMC holdings LLC;
  • John T. Colatrella, 49, his brother, of Martin Road, the owner of Colatrella Properties;
  • Alexis Colatrella, 27, daughter of John T. Colatrella, of Martin Road, a former employee of Mortgage Line Financial Services;  
  • Vincent Veritas, 24, John Colatrella’s step-son, of Martin Road;
  • Delores Cittadino, 79, John Colatrella’s mother-in-law, of Long Branch; and
  • Martin Damato, 27, of Colonia, a former Mortgage Line Financial employee.

The release says the property was sold by Chris Colatrella to his family members and the associate, who then fraudulently misrepresented their employment and income to obtain mortgages on the properties, which subsequently went into foreclosure.

“Our investigation found probable cause to believe these transactions, involving Chris Colatrella and his family members and business associate, were sham transactions, not entered into in good faith, and with the ultimate goal of bleeding off the profits.  It is illegal and criminal to obtain mortgage funds under these circumstances,” Prosecutor Marlene Lynch Ford said in the release.

In addition to charges relating to the fraud and conspiracy, Chris Colatrella and Alexis Colatrella are also charged with money laundering. The pair is also, along with John Colatrella, charged with conspiracy to commit money laundering, according to the release. 

 The arrests culminate an investigation which took place for more than a year, according to the release.

Monmouth County Prosecutor’s Office, the Wall Township Police Department, the Long Branch Police Department, the Eatontown Police Department, and the Woodbridge Police Department also were involved in the arrests, the release says.

Bail was set by Ocean County Superior Court Judge Francis Hodgson, in the amount of $500,000, no 10 percent option, for Chris Colatrella, John Colatrella and Alexis Colatrella, the release said.

“These are complicated financial cases to investigate and to prove," Ford said in the release. "However, financial frauds like this one are against the law, and cause many other consumers and businesses to shoulder the loss occasioned by this conduct. In the end, we all pay for financial crimes.”

Bail was set at $100,000 for Martin Damato, according to the release.

For Vincent Veritas and Dolores Cittadino, bail was set at $35,000, the release said.

Anyone with information about these charges may contact Detective Mark Malinowski of the Ocean County Prosecutor’s Office at 732-929-2027.

So Much to Say August 23, 2012 at 02:57 PM
Oh look at this...."The family that steals together, stays together". Hopefully stays together in the same prison cell. LOL
tax paying concerned citizen August 24, 2012 at 12:21 PM
who was the associate?
Linda Colatrella August 25, 2012 at 01:57 PM
Really you idiot, before you make a comment about others you should take a good look at yourself. And with that being said may you rot in hell with the rest of your family members.
wall resident August 28, 2012 at 11:19 AM
Set up your 80 year old mother in law. Rot in jail you piece of S*** LINDA must be involved
Erika August 31, 2012 at 12:29 AM
Ok...everyone needs to calm down and stay out of her families business....don't you have anything better to do with yourself rather to start with someone on the patch...come on...grow the eff up...is your life really that boring that you feel the need to check this link out and start shit...really...seriously...get a life and worry about your own effin life...
Erika August 31, 2012 at 12:30 AM
Remember...innocent until proven guilty....Sooo get over it...
john doe September 04, 2012 at 06:33 PM
all the Colatrella's are WHITE TRASH
Erika September 06, 2012 at 10:20 AM
We met with John Colatrella and his wife Linda in Lakehurst, NJ. John was the builder for this development and he showed us the property. It was new and seemed very nice, but we knew it was too much for us, financially. Should I keep going LINDA? Your family hurt a lot of good hard working honest people. Thank GOD for Detective Mark Malinowski and the Ocean County Prosecutors Office.
ben dover September 08, 2012 at 02:58 PM
Linda was always a whore...now she does it with money and a poor ole lady....what a shame.....u dumb bitch
appauled September 12, 2012 at 01:43 PM
money cant buy you class
Carol M September 14, 2012 at 05:02 PM
Get real you ignorant piece of shit. Your comment is so remote. You definitely comprise a lonely, and boring life. Rubbish like yourself definitely lacks self-worth. Consequently, you must be related to her ex-husband.
Erika September 16, 2012 at 08:42 PM
Ok....soooo all these people talkin shit annnnd not one of you can actually give your real name....Ben Dover....calling someone else a whole...yeah...first of all real effin classy and second of all...Bend Dover...real classy name... You must like it that way....whore....annnnd...like I said....find something better to do with your time....you jealous low life...I mean JEALOUS....that's what you have to be to be talkin shit.......now as for the other Erika....Ohhhhh palease....just say who u are....they never even met an Erika....were u one of the pieces of shit that weren't paying rent....broke ass bitch....should I keep going....everyone needs to mind their own business....
Wall resident September 29, 2012 at 11:18 AM
Must be a COLATRELLA
erika October 02, 2012 at 11:29 AM
You will soon learn my name in an Ocean County court room. Can't wait!!!! Erika, I am not a piece of shit however, I am broke because of the scum low life COLATRELLA family. I will be one of many to see you in court. CAN'T WAIT
Minnie October 02, 2012 at 02:15 PM
How someone could do this is amazing to me, hurting others to make money for yourself...there is a special place for these people and it is not in heaven!
Long Branch Resident October 03, 2012 at 05:48 PM
LINDA COLATRELLA

Boards

More »
Got a question? Something on your mind? Talk to your community, directly.
Note Article
Just a short thought to get the word out quickly about anything in your neighborhood.
Share something with your neighbors.What's on your mind?What's on your mind?Make an announcement, speak your mind, or sell somethingPost something
See more »