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FOR IMMEDIATE RELEASE |
April 20 , 2009
KANSAS CITY, KAN., MAN PLEADS GUILTY TO MORTGAGE FRAUD, MONEY LAUNDERING
KANSAS CITY, KAN. – Michael J. Dean, 41, Kansas City, Kan, has pleaded guilty to one count of making false statements on a mortgage loan application and one count of money laundering, Acting U.S. Attorney Marietta Parker said today.
In his plea, Dean admitted that on Jan. 7, 2008, he made false statements in an application for a loan to purchase a property in the 11000 block of Northridge in Kansas City, Kan.
In his loan application, he did not disclose that in May 2004 he was sentenced to 71 months in federal prison and ordered to pay more than $113,000 in restitution after pleading guilty to one count of unlawful possession of a firearm after a felony conviction and one count of making false statements on a loan application. He also did not disclose a Feb. 24, 2004, order in Wyandotte County District Court to pay $15,030.
As a result, he obtained more than $243,000 in proceeds from the loan, which were transferred from People’s Bank to Capital City Bank.
If he had disclosed the amount of money he owed in those cases, Peoples Bank would have rejected his loan application.
Sentencing is set for July 20, 2009. He faces a maximum penalty of 30 years and a fine up to $1 million on the mortgage fraud charge and a maximum penalty of 10 years and $250,000 on the money laundering charge.
Parker commended the U.S. Secret Service for its work on the case. Parker prosecuted the case.
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