Two real estate investors from the Hudson Valley have pleaded guilty to participating in a $119 million mortgage fraud conspiracy, the Justice Department announced.

Fredrick Schulman, of Briarcliff Manor, and Moshe "Mark" Silber, of Suffer,n admitted to conspiring to commit wire fraud affecting a financial institution. They, along with Chaim "Eli" Puretz of New Jersey, fraudulently obtained multi-million-dollar loans and acquired multifamily properties between 2018 and 2020.

The trio deceived lenders and convinced Fannie Mae to fund or purchase the mortgage loans, according to court documents.

Schulman, Silber, and Puretz are scheduled to be sentenced on December 3 and face up to five years in prison.