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Mortgage broker in Massachusetts found guilty of engaging in false loan scheme

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BOSTON — A Massachusetts mortgage broker has been found guilty of attempting to fraudulently obtain mortgage loans.

The Eagle-Tribune reports (http://bit.ly/1DtIOnZ ) 53-year-old Michael O'Donnell, of Middleton, was convicted Tuesday of one count of bank fraud in federal court.

Prosecutors say O'Donnell, through his mortgage company, engaged in a scheme to submit false loan applications to lenders to get mortgage loans on behalf of borrowers who were seeking to purchase or refinance real estate.

He submitted fake documents on behalf of a Salem homeowner for two loans totaling nearly $400,000 to re-finance existing loans.

Prosecutors say O'Donnell attempted to get a $44,000 loan on behalf of the homeowner and collected fees worth more than $15,000 from the loans.

He faces up to 30 years in prison when he is sentenced Oct. 20.


Information from: The Eagle-Tribune, http://www.eagletribune.com

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