News and Press Releases

Loan Officer Pleads Guilty In Mortgage Fraud Scheme

August 9, 2010

PITTSBURGH, Pa. ‑ Acting United States Attorney Robert S. Cessar announced today, August 9, 2010, that Dean Ackinclose, a resident of Clairton, Pennsylvania, pleaded guilty in federal court to a charge of Wire Fraud Conspiracy.

Ackinclose, age 41, pleaded guilty to one count before United States District Judge Terrence McVerry.

In connection with the guilty plea, Assistant United States Attorney Brendan T. Conway advised the court that Ackinclose participated in a mortgage fraud scheme as a loan officer for Lender's Corner, which was a mortgage broker company that assisted individuals to obtain loans collateralized by real estate. Ackinclose participated in the conspiracy by, along with other individuals associated with lender's Corner, submitting loan applications that contained fraudulent representations related to the borrowers' incomes and assets.  In addition, fraudulent documents were often submitted in connection with the loan applications supporting the fraudulent representations in the loan applications.

Judge McVerry scheduled sentencing for December 10, 2010. The law provides for a total sentence of 20 years in prison, a fine of $250,000, or both.  Under the Federal Sentencing Guidelines, the actual sentence imposed is based upon the seriousness of the offense and the criminal history, if any, of the defendant.

The Mortgage Fraud Task Force conducted the investigation that led to the prosecution of Ackinclose.  The Mortgage Fraud Task Force is comprised of investigators from federal, state and local law enforcement agencies and others involved in the mortgage industry.  Federal law enforcement agencies participating in the Mortgage Task Force include the Federal Bureau of Investigation; the Internal Revenue Service, Criminal Investigations; the United States Department of Housing and Urban Development, Office of Inspector General; the United States Postal Inspection Service; and the United States Secret Service.  Other Mortgage Fraud Task Force members include the Allegheny County Sheriff's Office; the Pennsylvania Attorney General's Office, Bureau of Consumer Protection; the Pennsylvania Department of Banking; the Pennsylvania Department of State, Bureau of Enforcement and Investigation; and the United States Trustee's Office.

Mortgage industry members with knowledge of fraudulent activity are encouraged to call the Mortgage Fraud Task Force at (412) 894‑7550.  Consumers are encouraged to report suspected mortgage fraud by calling the Pennsylvania Attorney General's Consumer Protection Hotline at (800) 441‑2555.

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