McGrath Pleads Guilty to Fraud and Money Laundering, Faces 20-Year Term
June 23, 2009
Total Loss:
$100 Million
Michael J. McGrath Jr., former president of defunct U.S. Mortgage Corp. and its subsidiary CU National Mortgage, pleaded guilty before U.S. District Court Judge Katharine S. Hayden on June 11 to mail and wire fraud and money laundering. The charges stem from a $139 million mortgage-fraud scheme that victimized 19 credit unions.
Source:
CU Times
Posted in:
Account Takeover Identity Theft