Two former officers of Arizona-based residential mortgage loan originator American Mortgage Specialists Inc. pled guilty Friday for their roles in a $27 million scheme to defraud Bismarck, North Dakota-based BNC National Bank, federal officials said.
The pleas and the underlying investigations show the continuing multi-agency commitment to pursuing individuals for their illicit roles in bringing on the credit crisis for their personal profit, or for trying to illegally profit from measures to ease the crisis, the officials said.
American Mortgage Specialists chief executive officer Scott N. Powers and David E. McMaster, a vice president, each pled guilty before Judge Daniel L. Hovland to one count of conspiracy to commit bank fraud and wire fraud affecting a financial institution.
As part of their plea agreements, Powers and McMaster must jointly and severally forfeit $28,564,470, which includes the proceeds from their fraud, and each man faces to up to 30 years in prison at a
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