Accountant Sentenced in Virginia for Role in $2.7 Million Mortgage Fraud Scheme


Lloyd Mallory, 48, of Silver Spring, Maryland was sentenced today to 60 months in prison, followed by three years of supervised release, for his role in helping to carry out a multi-million-dollar mortgage fraud scheme. He was also ordered to pay $2,797,855 in restitution.

Neil H. MacBride, United States Attorney for the Eastern District of Virginia, and Shawn Henry, Assistant Director in Charge of the FBI Washington Field Office, made the announcement after sentencing by United States District Judge T.S. Ellis, III.

Mallory was convicted of conspiracy and mail fraud on March 25, 2010. According to court records and evidence at trial, Mallory was a self-employed Certified Public Accountant who conspired with Michael Milan, 49, of Bethesda, Maryland and others to defraud mortgage lenders into lending funds for the purchase and refinance of residential properties. Mallory created false tax returns in the names of Milanís clients which listed inflated income amounts. These false documents were submitted to banks to back up false claims made in the mortgage applications prepared by Milan and his associates. Milanís conspiracy defrauded lenders through at least a dozen real estate transactions and caused losses of more than $2.7 million.

At sentencing, the court found that Mallory committed perjury when he testified at trial.

This case was investigated by the FBIís Washington Field Office. Assistant United States Attorneys Edmund P. Power and Stephen P. Learned prosecuted the case on behalf of the United States.

A copy of this press release may be found on the website of the United States Attorney's Office for the Eastern District of Virginia at http://www.usdoj.gov/usao/vae. Related court documents and information may be found on the website of the District Court for the Eastern District of Virginia at http://www.vaed.uscourts.gov or on http://pacer.uspci.uscourts.gov.





Published on: 2010-06-13

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