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Former Boston Attorney Convicted of Mortgage Fraud

bizjournals.com | November 27, 2013

By Thomas Grillo

A former Boston attorney has been convicted of mortgage fraud involving more than a dozen properties throughout the city's residential neighborhoods of Dorchester, Roxbury and Jamaica Plain.

Charles R. Sammon, 37, of West Pittston, Penn., pleaded guilty before U.S. District Judge Richard Stearns to 13 counts of wire fraud, mail fraud and money laundering, in connection with the mortgage fraud scheme that occurred in 2006 and 2007.

Prosecutors alleged Sammon participated in at least 13 fraudulent real estate transactions involving triple-deckers in the Dorchester, Roxbury and Jamaica Plain neighborhoods. For eight of those transactions, Sammon served as the closing attorney representing the lender. For the other five, Sammon participated as the seller of the real estate.

The scheme involved recruiting people to buy properties in return for payments of as much as $40,000 per transaction. The payments were not disclosed to the lenders. Many of the phony buyers were also promised that the seller would pay the mortgage for up to a year. A key element of the scam was telling lenders that each borrower intended to occupy the property as their primary residence, when that was not the case.

Many of the payments to buyers were made from a bank account controlled by Sammon’s law firm. But Sammon failed to disclose those payments to lenders that he represented. Sammon also received some of the loan proceeds in addition to his legal fees, which was not disclosed to the lender. In one transaction, he received more than $50,000.

All of the loans backing the 13 transactions went into default, and the properties were sold at foreclosure or through a short sale, resulting in combined losses to the lenders of more than $2.5 million.

Sentencing is scheduled for Feb. 19. Sammon faces a maximum sentence of 20 years in prison on each of the mail and wire fraud charges, and 10 years in prison on the money laundering charge.

The case is being prosecuted by U.S. Attorney Carmen Ortiz’s office.

 

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CFLA was founded by the Nation's Leading Foreclosure Defense Attorneys back in 2007 to serve the Foreclosure Defense Industry and fight pervasive Bank Fraud. Since opening our virtual doors, CFLA has rapidly expanded to become the premier online legal destination for small businesses and consumers. But as the company continues to grow, we're careful to hold true to our original vision. For us, putting the law within reach of millions of people is more than just a novel idea—it's the founding principle, just ask Andrew P. Lehman, J.D.. With convenient locations in Houston and Los Angeles, you can contact Our National Account Specialist and General Manager / Member Damion W. Emholtz at 888-758-2352 for a free Mortgage Fraud Analysis or to obtain samples of work product, including cutting edge Bloomberg Securitization Audits, Litigation Support, Quiet Title Packages, and for more information about our Nationally Accredited and U.S. Department of Education Approved "Mortgage Securitization Analyst Training Certification" Classes (3 days) 24 hours for approved CLE & MCLE Credit (Now Available Online).

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