the republic logo

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


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

The Eagle-Tribune reports ( ) 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,

Think your friends should see this? Share it with them!

Story copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Feedback, Corrections and Other Requests: AP welcomes feedback and comments from readers. Send an email to and it will be forwarded to the appropriate editor or reporter.

We also have more stories about:
(click the phrases to see a list)


Follow The Republic:

All content copyright ©2015 The Republic, a division of Home News Enterprises unless otherwise noted.
All rights reserved. Privacy policy.