A Shavertown, Pennsylvania man faces as much as 60 years in federal jail after a federal jury convicted him of financial institution fraud and conspiracy for his function in a yearslong scheme to hide mortgage delinquencies at a manufactured housing lender.
James Mahon IV, 66, was convicted June 18 following a trial in Scranton, the U.S. Lawyer’s Workplace for the Center District of Pennsylvania mentioned. Mahon served as govt vp of Tammac Holdings, a Wilkes-Barre-based firm that originated mortgages for manufactured housing earlier than promoting the mortgage portfolios to banks and traders whereas persevering with to service the accounts.
Federal prosecutors mentioned that from 2008 via 2021, Mahon and different Tammac workers hid delinquency charges inside mortgage portfolios by falsifying mortgage funds. Prosecutors additionally alleged the corporate repossessed properties with out forwarding proceeds to banks and traders as required.
Investigators additional alleged Tammac executives provided false data to auditors, banks and traders, and misrepresented the situation of mortgage portfolios in the course of the firm’s 2019 sale to an funding agency. The FBI investigated the case.
Mahon was convicted of financial institution fraud and conspiracy to commit financial institution and wire fraud. He faces a most penalty of 60 years in jail, a $500,000 wonderful and a time period of supervised launch. A sentencing date has not been introduced.
Assistant U.S. Attorneys Joseph J. Terz and Geoffrey W. MacArthur are prosecuting the case.
Observe us on X, Fb and Telegram
Do not Miss a Beat – Subscribe to get e mail alerts delivered on to your inbox
Surf The Every day Hodl Combine
 
Disclaimer: Opinions expressed at The Every day Hodl aren’t funding recommendation. Traders ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital property. Please be suggested that your transfers and trades are at your personal threat, and any losses chances are you’ll incur are your accountability. The Every day Hodl doesn’t advocate the shopping for or promoting of any property together with cryptocurrencies, neither is The Every day Hodl an funding advisor. Please word that The Every day Hodl participates in online marketing.
Generated Picture: Midjourney