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CAMBRIDGE ATTORNEY INDICTED FOR BANK FRAUD

 CAMBRIDGE ATTORNEY INDICTED FOR BANK FRAUD
 BOSTON, March 3 /PRNewswire/ -- A Cambridge attorney has been


indicted for bank fraud in connection with a $956,900 loan from Winter Hill Federal Savings Bank.
 U.S. Attorney Wayne A. Budd announced today the unsealing of an indictment charging Perry F. Bedinger of 113 Pleasant St., Cambridge, with bank fraud in connection with a $956,900 loan from Winter Hill Federal Savings Bank of Somerville.
 According to the indictment, Bedinger is an attorney who works for the Cambridge law firm of Ferraro & Walsh. In November 1988, he applied for a loan in connection with the purchase of 10 condominium units at the Old Colony Lane Condominiums in Arlington for a total price of $1,367,000.
 The indictment charges that Bedinger executed a scheme and artifice to defraud Winter Hill. First, the indictment charges that Bedinger falsely stated that he made a cash deposit of $410,100 toward the purchase of the 10 condominium units when, in fact, no such deposit had been made. Instead, Bedinger gave second mortgages to the sellers in the amount of the purported cash deposits and concealed the existence of these second mortgages from Winter Hill. Additionally, Bedinger provided information to Winter Hill which falsely stated he had earned a salary from Ferraro & Walsh of $96,000 in 1987 and $120,000 in 1988 when, in fact, he had earned $28,454 in 1987, and $24,837 in 1988.
 The indictment states that Bedinger defaulted on the loan in 1990, and that Winter Hill Federal Savings Bank's loss to date is $483,000.
 Bedinger was arrested this morning by Special Agents of the Federal Bureau of Investigation.
 If convicted, Bedinger faces up to five years imprisonment, and a fine of up to $250,000.
 The case was investigated by Special Agents of the Federal Bureau of Investigation and is being prosecuted by Assistant U.S. Attorney Mark W. Pearlstein of Budd's Economic Crimes Division. The investigation is continuing.
 -0- 3/3/92
 /CONTACT: Press Officer, U.S. Attorney's Office, 617-223-9445/


EG -- NE022 -- 4678 03/03/92 17:08 EST
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Date:Mar 3, 1992
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