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.
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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.
By Evan Bedard
Taken from: http://www.loansafe.org/massachusetts-real-estate-attorney-convicted-of-mortgage-fraud-money-laundering