Boston - An former Needham real estate attorney was charged in federal court with wire fraud and money laundering in connection with fraudulent mortgage loans.
Marc D. Foley, 45, was indicted on 33 counts of wire fraud and five counts of money laundering. The indictment alleges 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. Foley, and an associate acting under his direction and supervision, allegedly closed the loans and then sent documents to the mortgage lenders falsely representing that funds ranging from $9,300 to $39,000 had been collected at the closings from the borrowers, when in fact the borrowers made no down payments and paid no funds at the closings.
The indictment further alleges that 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. Foley used various means to conceal from the lenders that the borrowers had provided no funds for the purchases.
If convicted of wire fraud, Foley faces up to 20 years in prison to be followed by three years of supervised release and a $ 250,000 fine on each count. He also faces up to 10 years in prison, to be followed by three years of supervised release and a fine of $250,000 on each of the money laundering counts.
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’s Criminal Investigation in Boston made the announcement today. The case is being prosecuted by Assistant U.S. Attorney Victor A. Wild of Ortiz’s Economic Crimes Unit.
The details contained in the indictment are allegations. The defendant is presumed to be innocent unless and until proven guilty beyond a reasonable doubt in a court of law.
Receive information regarding those charged in the Boston Marathon bombing cases.
Giving Back to the Community through a variety of venues & initiatives.
Financial Fraud Enforcement Task Force
Making sure that victims of federal crimes are treated with compassion, fairness and respect.
Stay Connected: Visit us on Twitter