David Findel of Colts Neck, New Jersey has surrendered on a single charge of wire fraud.

Findel is the CEO of Worldwide Financial Resources and is best known for his purchase of exclusive seats at a local football stadium.

It is but hard to imagine that a man like Mr. Findel, who has almost everything – fame and fortune, would still commit this kind of fraud.

According to FBI Special Agent In Charge Weysan Dun “”Mr. Findel made this company what it was. He had the skill and savvy for this business. But what I find most remarkable is that despite his wealth and success, it simply wasn’t enough. Mr. Findel let greed beat him.”

Findel had an initial appearance before Honourable Mark Falk, United States Magistrate Judge and released Findel on $1 million secured bond. If convicted, Findel faces a maximum prison sentence of 20 years and $250,000 in fines.

A criminal complaint filed in Newark lays the blame on Findel regarding his’ submitting false documents to financial institutions in a mortgage reselling scheme. Findel’s company, WFR, experienced a liquidity crisis in January 2008 and this is when Findel perpetrated a scheme to defraud mortgage banks by reselling the same mortgages to multiple financial institutions.

Funds from the secondary lender’s account were wired through an escrow company to the account of WFR.

Mr. Findel allegedly used those funds to pay corporate and personal expenses. The complaint alleges that Findel obtained more than $11 million from secondary lenders through his fraudulent mortgage transactions.

This case is being prosecuted by Assistant United States Attorney Paul Matey in the District of New Jersey.