An Interview With A Felon Who Committed a $120 Million Mortgage Fraud
Thursday, December 7, 2017
Michael McGrath was the owner of a mortgage firm who purchased home mortgages from credit unions and packaged them into financial instruments sold to investors. As the economy soured, he began manipulating the financials associated with those mortgages in hopes of salvaging his aggressive growth strategy. Instead, the fraud kept getting bigger until banks were out over $120 Million. He would plead guilty and be sentenced to 14 years in prison.
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