Printer Friendly

LAWYER PLEADS GUILTY TO MAKING FALSE STATEMENTS TO COMFED SAVINGS BANK

 BOSTON, Oct. 15 /PRNewswire/ -- A. John Pappalardo, United States Attorney for the District of Massachusetts, and Deborah M. Smith, Director of the New England Bank Fraud Task Force, announced today that lawyer Jerome D. Ogan, of Marblehead, Mass., pleaded guilty to making false statements to the now defunct ComFed Savings Bank. ComFed Savings Bank, once one of the largest residential mortgage lenders in Massachusetts, failed in December 1990.
 At the plea hearing before U.S. District Court Chief Judge Joseph L. Tauro, a federal prosecutor stated that Ogan, 65, was the lawyer for the developers of Chancery Court, a 40-unit condominium project in Lynn, Massachusetts. According to the information to which Ogan pleaded guilty, Ogan prepared a purchase and sale agreement for one of the condominium units, knowing that the agreement falsely stated the purchase price to be $178,600 and the buyer's down payment to be $53,600. At about the same time, according to the information, Ogan also prepared an amendment to the purchase and sale agreement containing the true purchase price of $138,000 and the true down payment of $4,000. The information charges that Ogan knew and intended that the purchase and sale agreement would be given to ComFed in connection with the buyer's mortgage loan application and that the amendment to the agreement would be concealed from ComFed. ComFed approved a loan to the buyer of $124,300 based in part upon the false information in the purchase and sale agreement Ogan prepared, according to the information.
 The prosecutor stated at the hearing that Ogan is cooperating in the continuing investigation of loans made by ComFed and other lenders at Chancery Court.
 Chief Judge Tauro scheduled sentencing for December 14, 1993. Ogan faces a maximum sentence of two years' imprisonment and a fine of $250,000.
 The charges against Ogan are part of a continuing investigation being conducted by the New England Bank Fraud Task Force. The Task Force was established in 1991 as part of the Justice Department's ongoing campaign to combat fraud against federally insured financial institutions. Members of the Task Force include the United States Attorneys' Offices for each of the six New England states, the Fraud Section of the Department's Criminal Division, the Civil and Tax Divisions, the Federal Bureau of Investigation, the Internal Revenue Service, and the Secret Service.
 The case was investigated by Special Agents of the Federal Bureau of Investigation and is being prosecuted by James P. Gillis and Robert A. Spencer, trial attorneys assigned to the New England Bank Fraud Task Force. As a result of the efforts of the Task Force charges naming 48 defendants have been brought and 34 convictions have been obtained.
 -0- 10/15/93
 /CONTACT: Press Officer of the U.S. Attorney's Office, 617-223-9445/


CO: U.S. Attorney's Office; ComFed Savings Bank ST: Massachusetts IN: FIN SU:

CM -- NE014 -- 2983 10/15/93 18:11 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Oct 15, 1993
Words:485
Previous Article:HONEYWELL INDUSTRIAL AUTOMATION AND CONTROL PLANT NAMED ONE OF AMERICA'S BEST
Next Article:A RECORD-BREAKING DAY ON THE AMERICAN STOCK EXCHANGE: INDEX, VOLUME, BLOCK TRADE MARKS ALL SHATTERED!
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters