A mortgage broker accused in a spectacular home-loan fraud has pleaded guilty to charges of conspiracy and wire fraud.

Richard Gottfried, 38, former owner of the now defunct National Financial Corp., a Philadelphia mortgage brokerage company, last week admitted defrauding MortgageLinq Corp. of Voorhees, N.J., of $7.5 million in loans to phantom borrowers.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.