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Max Wagenblast, 35, Arlington, Virginia, was sentenced to two years in prison, followed by three years of supervised release, for wire fraud in connection with a scheme to steal over $5 million from his company. Wagenblast was also ordered to pay a fine of $25,000.

According to the his plea, Wagenblast was employed as an asset manager for a Bethesda company (the company) that was the second largest Special Servicer of commercial real estate mortgages in the United States. As a Special Servicer, the company was responsible for administering defaulted commercial mortgage loans and the real estate securing foreclosed loans. The company performed this service on behalf of the REMIC trust that held the mortgage loans on behalf of the certificate holders of the trust. In its capacity as a Special Servicer, the company collected borrower payments and property cash flow and remitted them to the REMIC trust, which was responsible for distributing those funds to the certificate holders. Wagenblast oversaw both the loans and properties that acted as security for the loans serviced by the company, including the application and utilization of funds generated by the properties he managed. Continue Reading…