Mark S. Edwards pled guilty to 48 felony counts involving appraisal and mortgage fraud committed between April 2002 and February 2003.
Edwards and Mark D. Musselman were indicted in connection with allegations that they falsified two dozen mortgages, including nearly a dozen mortgages to borrowers who were previously deceased. Musselman and Edwards are accused of forging appraisals, loan applications and other documents according to media reports. The two ran a now defunct mortgage brokerage, Phoenix Funding in Vandalia, Ohio.
Edwards pled guilty to 34 counts of forgery, 12 counts of tampering with records, 1 count of aggravated theft and 1 count of engaging in a pattern of corrupt activity.
Edwards faces a maximum sentence of up to 157 years in prison and $365,000 in fines.
Musselman’s trial is scheduled for April 2, 2007.