Upstate New York lawyer convicted in mortgage fraud scheme
Mon, 03 Dec 2012 09:10:25 GMT —
Authorities say an upstate New York lawyer has been convicted of federal felonies for his role in a mortgage fraud scheme.
U.S. Attorney Richard Hartunian says a jury found 49-year-old Albany lawyer Michael Bouchard guilty of conspiracy, making a false statement, and two counts of bank fraud.
He says Bouchard submitted false documents to mortgage lenders his firm represented to get loans for real estate companies called PB Enterprises and Team Title, which secretly profited from the money intended for buying property and falsely accounted for in Bouchard's escrow account. The principals of those companies had pleaded guilty earlier in the case.
Bouchard faces prison time and fines when he's sentenced March 13 in Syracuse. The conviction was announced Friday.