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HULL, MASS., RESIDENT CONVICTED IN U.S. FUNDING CASE

 BOSTON, March 15 /PRNewswire/ -- A Hull, Mass., resident was convicted today in Federal District Court for bank fraud relating to the operation of U.S. Funding, Inc. of America, a now-defunct second mortgage lender formerly located in Hingham and Weymouth, Mass.
 U.S. Attorney A. John Pappalardo announced that Janet A. McGunnigle, age 31, of Hull, Mass., was found guilty by a jury today of one count of bank fraud in connection with a loan submitted to Society for Savings, a federally insured bank in Hartford, Conn., relating to property located at 23 Pinecrest Ave., Pembroke, Mass. The evidence presented at a five- day jury trial showed that McGunnigle aided and abetted Guy Scarpaci and others at U.S. Funding in connection with the submission of a fraudulent loan application on Oct. 30, 1989, relating to a $150,000 mortgage loan on the Pinecrest Avenue property. The loan application was false in, among other ways, that it represented that McGunnigle was earning $1,100 per week as president of Fergussan Insurance Agency, Inc. of Hull, when her salary at the time was substantially less.
 U.S. District Court Chief Judge Joseph L. Tauro, who presided over the trial, set May 12, 1993, as the date for McGunnigle's sentencing. McGunnigle faces a maximum sentence of 20 years incarceration and a $1 million fine with regard to the bank fraud charge. McGunnigle is the 10th of 16 defendants in the U.S. Funding case to be convicted. The other nine defendants have plead guilty.
 On March 8, 1993, Robert A. Ward, age 42, of Plymouth, Mass., plead guilty to 10 counts of the indictment in the U.S. Funding case. Ward was the ninth of 16 defendants to plead guilty. Judge Tauro, who accepted Ward's guilty pleas, set May 7, 1993, for Ward's sentencing.
 The investigation leading to this prosecution was conducted jointly by the Federal Bureau of Investigation, the Massachusetts State Police, the U.S. Postal Service, and the Office of the Massachusetts State Auditor and is being jointly prosecuted by the U.S. Attorney's Office and the Office of Norfolk County District Attorney, William D. Delahunt. Assistant U.S. Attorney Peter A. Mullin and Norfolk County Assistant District Attorney Dennis C. Mahoney, who has been appointed a special assistant U.S. attorney, tried the McGunnigle case. The trial of the six remaining defendants in the case is scheduled to begin April 19, 1993, before Judge Tauro.
 -0- 3/15/93
 /CONTACT: U.S. Attorney's Office, 617-223-4025/


CO: U.S. Attorney, District of Massachusetts ST: Massachusetts IN: SU:

WB-CK -- NY102 -- 6318 03/15/93 19:38 EST
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Date:Mar 15, 1993
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