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Massachusetts Real Estate Attorney Convicted of Mortgage Fraud & Money Laundering

(Source: FBI) – BOSTON—An attorney formerly operating a real estate practice in Needham, Massachusetts was convicted today in federal court on charges of wire fraud and money laundering in connection with fraudulent mortgage loans.

Marc D. Foley, 46, was convicted by a jury on 33 counts of wire fraud and five counts of money laundering.

Evidence presented during the seven-day trial showed that in December 2006 and January 2007, Foley participated in a scheme to defraud six mortgage lenders in connection with $4.9 million in real estate loans for the purchases of 24 condominium units in Dorchester. The evidence showed that when Foley and an associate acting under his direction closed the loans, documents sent to the mortgage lenders falsely represented that funds ranging from $9,300 to $39,000 had been collected at the closings from the borrowers. In actuality, the borrowers made no down payments and paid no funds at the closings. Foley entered into an undisclosed agreement with the seller to subtract from the seller’s proceeds all the funds that were reported to the lenders as coming from the borrowers and that Foley used various other means to conceal from the lenders that the borrowers had provided no funds for the purchases.

United States District Judge Richard G. Stearns scheduled sentencing for November 27, 2012. Foley faces up to 20 years in prison, to be followed by three years of supervised release, and a $250,000 fine on each of the wire fraud counts. He also faces up to 10 years’ imprisonment, three years of supervised release, and a fine of $250,000 on each money laundering count.

United States Attorney Carmen M. Ortiz; Richard DesLauriers, Special Agent in Charge of the Federal Bureau of Investigation-Boston Field Division; and William P. Offord, Special Agent in Charge of the Internal Revenue Service, Criminal Investigation, Boston Field Division, made the announcement today. The case is being prosecuted by Assistant U.S. Attorney Victor A. Wild of Ortiz’s Economic Crimes Unit and Veronica M. Lei of Ortiz’s Asset Forfeiture Unit.


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One Response to Massachusetts Real Estate Attorney Convicted of Mortgage Fraud & Money Laundering

  1. Gopal Das says:

    I think everybody should check out the Scam Detector app. I believe they’re online as well.

      (Quote)  (Reply)

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