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Fairhaven Attorney Charged with Fraud in Real Estate Closings
NOVEMBER 30, 2011

BOSTON - A Fairhaven attorney with an office in Taunton was charged today in federal court with diverting mortgage loan funds from real estate closings.

Craig J. Martin, 53, of Taunton, was charged in an Information with two counts of bank fraud.

The Information alleges that Martin, in acting as a closing attorney for real estate transactions, received mortgage loan funds from lenders, which were to be held in his attorney trust account and used for the closings. As closing attorney, Martin was responsible for using the loan proceeds to pay off the existing mortgages on the properties. But instead of paying off the existing mortgages, Martin diverted at least $3,005,445 in mortgage funds to other purposes and falsified the loan closing documents to conceal his misappropriation of the funds.

If convicted on these charges, Martin faces up to 30 years in prison to be followed by five years of supervised release, and a $1 million fine on each of the charges.

United States Attorney Carmen M. Ortiz and Richard DesLauriers, Special Agent in Charge of the Federal Bureau of Investigation, Boston Field Division, made the announcement today. The case is being prosecuted by Assistant U.S. Attorney Kristina E. Barclay of Ortiz’s Economic Crimes Unit.

The details contained in the information are allegations. The defendant is presumed to be innocent unless and until proven guilty beyond a reasonable doubt in a court of law.

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Mortgage fraud is a key focus of the Department of Justice. The Department of Justice alongside its federal, state and local partners is committed to investigating and prosecuting significant financial crimes. The Department is committed to combating discrimination and fraud in the lending and financial markets, and recovering proceeds for victims of financial crimes.

 

 

 

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