Pierce Commercial Bank loan officer headed to prison in mortgage fraud
December 6, 2010
Total Loss:
$1.1 million
A former loan officer at Pierce Commercial Bank was sentenced Thursday to eight months in prison for his role in a wide-ranging mortgage fraud. Having pleaded guilty to wire fraud, Christopher DiCugno was indicted alongside three other men, including Bellevue businessman and purported fraud leader Mark Ashmore. While with the bank, DiCugno worked with Ashmore to secure loans "straw buyers" who sold their names to Ashmore for money. DiCugno was charged alongside Ashmore and two others following an investigation into a wide-ranging mortgage fraud scheme that saw 40 properties sold to straw buyers.
Source:
Seattle PI
Posted in:
Internal Fraud