NEWARK, NJ – Ralph Divino, 62, faces charges of wire fraud for allegedly orchestrating a fraudulent scheme that led to a $1.5 million loss for a New Jersey title insurance company, according to U.S. Attorney Philip R. Sellinger.
Divino, a resident of Annandale, New Jersey, was indicted on two counts of wire fraud. He appeared in Newark federal court on October 31, where he pleaded not guilty and was subsequently released on unsecured bond.
Court filings reveal that between October 2018 and November 2018, Divino misled the insurance company with false claims of having wired $1.5 million for the purchase of two properties in Warren and Annandale, New Jersey. Acting on Divino’s assurances, the title insurance company refunded $987,000 to Divino, believing the funds were initially provided for the purchases. Divino is accused of utilizing the refunded money to acquire personal items, including luxury vehicles, and assuming ownership of the Annandale property without ever disbursing the promised payment.
The title insurance company uncovered the absence of Divino’s funds post-closure of the Annandale property. Upon inquiry, Divino presented two business account checks totaling $1.5 million, which were later declined due to insufficient funds. Despite assurances to the title insurance company about the validity of the checks and his ability to cover the shortfall, Divino’s account was overdrawn, and he did not reimburse the company.
The U.S. Attorney’s Office is prosecuting the case, emphasizing the repercussions of fraudulent schemes on businesses and the importance of legal integrity in property transactions. The investigation is ongoing, and Divino awaits further legal proceedings.