A mortgage broker from Middleton, Massachusetts, was convicted of attempted bank fraud in federal court Tuesday, according to United States Attorney Carmen Ortiz.
Michael P. O’Donnell, 53, was convicted of one count of bank fraud after a three-day bench trial.
According to Ortiz, O'Donnell, through his company AMEX Home Mortgage, knowingly engaged in a scheme to submit false loan applications to lenders to obtain mortgage loans on behalf of borrowers seeking to purchase or refinance real estate.
O’Donnell was found guilty of attempting to fraudulently obtain a $44,000 loan on behalf of a Salem homeowner. He then collected fees totaling more than $15,000.
O’Donnell faces a prison sentence of no greater than 30 years, five years of supervised release and a fine of $1,000,000.
