Attorney Goes to Jail for Stealing Closing Funds

Allison Tussey —  November 1, 2012 — Leave a comment

Craig J. Martin, 54, Falmouth, Massachusetts, who practiced law in Taunton, Massachusetts, was sentenced for bank fraud in connection with mortgage closings.

Martin was sentenced by U.S. District Judge Patti B. Saris to 51 months in prison, to be followed by two years of supervised release and $2.9 million in restitution. On February 3, 2012, Martin pleaded guilty to two counts of wire fraud.

According to the criminal information, Martin, in his role as a closing attorney for real estate transactions, received mortgage loan funds from lenders, which were to be held in his attorney trust account and used for the closings. As closing attorney, Martin was responsible for using the loan proceeds to pay off the existing mortgages on the properties. But instead, Martin diverted more than $3 million in mortgage funds to other purposes and falsified the loan closing documents to conceal his misappropriation of the funds.

United States Attorney Carmen M. Ortiz and Richard DesLauriers, Special Agent in Charge of the Federal Bureau of Investigation Boston Field Division, made the announcement today. The case was prosecuted by Assistant U.S. Attorney Kristina E. Barclay of Ortiz’s Public Corruption and Special Prosecutions Unit.

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Allison Tussey

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