Aron Puretz Pleads Guilty in Multi-Million Dollar Mortgage Fraud Case

A New Jersey resident, Aron Puretz, has confessed to orchestrating a sweeping $54.7 million mortgage fraud scheme that spanned multiple states and years. The 53-year-old admitted to wire fraud charges affecting financial institutions after federal authorities unveiled an intricate pattern of property-based swindles involving falsified documents and artificial price inflation.

Years of Real Estate Deception: The Aron Puretz Operation

The scheme’s roots traced back to 2016 when Aron Puretz joined forces with Apex Equity Group. Through a network of real estate entities—including Maple Lawn located in Eureka, Illinois, Big Country Chateau in Little Rock, Arkansas, and the commercial property Troy Technology Park in Troy, Michigan—Puretz engineered a coordinated fraud operation with multiple accomplices. His modus operandi centered on a recurring tactic: falsify business documents and purchase contracts to inflate property values, then deceive lenders into approving loans based on these artificially boosted prices.

This scheme generated substantial profits for the conspirators through each successful deception. In February 2017 alone, Maple Lawn was legitimately valued at $4.1 million, yet Puretz fabricated paperwork presenting it to lenders as a $5.8 million transaction. A title and settlement company based in Lakewood, New Jersey facilitated the fraud by conducting two separate closings—one reflecting the true $4.1 million price and another showing the fraudulent $5.8 million figure presented to the Federal Home Loan Mortgage Corporation and unsuspecting lenders.

Expanding the Conspiracy: Hidden Ownership and Shell Companies

Aron Puretz’s operations extended beyond simple price manipulation. He established JPC Charities, a shell non-profit entity designed to provide tax-exempt status to himself and his network of co-conspirators operating in Illinois. Additionally, in 2019, Puretz defrauded the Department of Housing and Urban Development during Big Country Chateau’s acquisition by concealing his involvement—a calculated move since federal lenders would have rejected his participation in the deal.

The Troy Technology Park Scheme

The conspiracy reached new heights in 2020 with Troy Technology Park. Puretz and his associates inflated the property’s purchase price from $42.7 million to a fraudulent $70 million through illegal contracts. They submitted false letters of intent and fabricated supporting documents to lenders and appraisers, claiming the property would be purchased from another party for $68 million. To manufacture the appearance of legitimacy, they arranged a temporary $30 million loan to create the illusion they possessed adequate capital to complete the transaction.

According to the Department of Justice, these coordinated actions constituted wire fraud affecting federally-insured institutions. Aron Puretz now faces up to five years of incarceration for his role in the elaborate scheme. He received sentencing from federal district court in October 2024, concluding a significant chapter in mortgage fraud enforcement.