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HYANNIS RESIDENT PLEADS GUILTY TO THREE COUNTS OF FRAUD

 BOSTON, March 2 /PRNewswire/ -- A Hyannis Mass. resident plead guilty today in Federal District Court to 3 counts of 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 Lawrence F. O'Hare, age 46, of Hyannis, Mass., plead guilty today to 2 counts of bank fraud and 1 count of wire fraud in connection with three loans he received in 1988 and 1989 which were secured by property located at 39 "E" St., in Hull, Mass. The government indicated at the change of plea hearing that, had the case gone to trial, it would have proven that O'Hare knowingly participated in a scheme to provide false information to lenders regarding O'Hare's employment, income and occupation, as well as false tax returns and false appraisals on the "E" Street property. At the time of these loans, O'Hare was employed at U.S. Funding as a courier, while at the same time collecting a disability pension from Newbury College.
 United States District Court Chief Judge Joseph L. Tauro, who accepted O'Hare's guilty pleas, set May 3, 1993 as the date for O'Hare's sentencing. O'Hare faces a maximum sentence of 5 years incarceration and a $250,000 fine with regard to the wire fraud charge and one of the bank fraud charges. The other bank fraud charge carries a maximum penalty of 20 years incarceration and a $1 million fine, because it occurred after Aug. 9, 1989, the date of the enactment of the Financial Institution Reform, Recovery and Enforcement Act of 1989 (FIRREA), which increased the penalties for bank fraud. O'Hare is the eighth of the sixteen defendants in the U.S. Funding case to plead guilty.
 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 United States 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, are prosecuting the case.
 -0- 3/2/93
 /CONTACT: Press Officer of the U.S. Attorney's Office, 617-223-9445/


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Publication:PR Newswire
Date:Mar 2, 1993
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