A lawyer named David Mark has been convicted of being a co-conspirator in a Las Vegas mortgage fraud scheme. The jury ruling on his case found him guilty of "bank fraud, mail fraud and conspiracy to commit bank, wire and mail fraud."
Attorney Involved in Mortgage Fraud
How did an attorney manage to get involved in a mortgage fraud scheme that includes “more than 220 properties and $50 million in losses to financial institutions?”
According to a news source, Mark was a “real estate agent and transaction coordinator at Distinctive Real Estate and Investments.” While there, he allegedly caused lenders to lose close to $50 million by doing the following:
- Asking people with excellent credit to act as buyers purchasing homes in Las Vegas.
- Causing these buyers to apply for mortgage loans, aware that the buyers could not afford the payments.
- Placing false information in the buyers' loan applications.
- Making buyers “purchase the homes above the sellers' asking prices, and allowed the excess funds to be redirected to businesses controlled by alleged fellow conspirators.”
Potential Sentence and Fine for His Acts
According to a news source, the Louisiana lawyer may face the following punishments:
- Up to 30 years in prison for conspiracy and bank fraud
- Up to 20 years in prison for mail fraud
- Up to $1 million fine for conspiracy and bank fraud
- Up to $250,000 fine for mail fraud
Mark’s sentencing is scheduled on July 29.
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