A former real estate attorney from Needham could spend time in prison after he was convicted of mortgage fraud in federal court on Thursday, Sept. 20.
A jury found Marc Foley, 46, guilty of 33 counts of wire fraud and five counts of money laundering, according to the office of U.S. District Attorney Carmen M. Ortiz.
According to a news release posted on the U.S. District Attorney's website:
Evidence presented during the seven-day trial showed 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.
The evidence showed that when Foley and an associate acting under his direction closed the loans, documents sent to the mortgage lenders falsely represented that funds ranging from $9,300 to $39,000 had been collected at the closings from the borrowers. In actuality, the borrowers made no down payments and paid no funds at the closings.
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, and that Foley used various other means to conceal from the lenders that the borrowers had provided no funds for the purchases.
Foley is scheduled for sentencing on Nov. 12. He faces up to 20 years in person and a $250,000 fine on each of the wire fraud counts and up to 10 years in prison and a fine of $250,000 on each money laundering count, according to the U.S. District Attorney's office.