Former Chester County Broker Charged With Fraud

A broker in West Chester allegedly defrauded lenders so friends and family could buy shore property

John C. Lucidi Jr. used to work at Global Mortgage and Challenge Financial Investment Corp.—both companies in West Chester—when he allegedly helped friends and family file fraudulent paperwork so that they could buy property at the shore that would have otherwise been out of their price range. From 2005 to 2008 Lucidi allegedly helped the applicants secure mortgages by falsifying their incomes and other information. The eventual foreclosures on the properties cost the lenders—like Bank of America, JP Morgan Chase and PNC Bank—millions of dollars. [Inquirer]