The going just got worse for Ron O’Malley, former chairman of the Bergen County Improvement Authority. He was hit with a 68-count indictment today by a federal grand jury for mortgage fraud that tied into his job at the county’s financial arm.
O’Malley, 47, was a principal of Ridgewood mortgage brokerage Residential Mortgage Corp., and was accused of illegal dealing between 2006 and 2009.
The indictment alleges that O’Malley used a BCIA employee to vouch for non-employees in order to get the persons loan approvals. In one count, he allegedly represented that the loan applicant was the “Administrator of County Equestrian” grossing $12,850 per month, according to the indictment.
Politically, the question is how much of the goings-on at this quasi-governmental agency did County Executive Dennis McNerney know about, if any?
No comment yet from the county, but GOP Chairman Bob Yudin said McNerney handled this mess inadequately from the first hint of misconduct, including by appointing a Dem-friendly investigator who McNerney hired.
“He doesn’t understand the depth of the corruption in Bergen County under his administration,” Yudin said. “This is just another incident in a long line of corruption in the Democratic party in Bergen County.”
“The county executive should be called by the U.S. Attorney and put under oath and asked if he knew about it,” Yudin said.
“Is Bob Yudin the only Republican who didn’t get a mortgage with these guys?” one Democrat in Bergen County remarked.