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Md. Man Pleads Guilty To Securing Fraudulent Loans

NORFOLK, Va. (AP) — A 57-year-old Maryland man has pleaded guilty to fraudulently securing nearly $2.2 million in loans to buy five properties in Cape Charles, Va.

Thomas E. Green of Ocean City, Md., pleaded guilty to conspiracy to commit wire and bank fraud on Wednesday.

According to court records, Green admitted conspiring with others to commit mortgage fraud in 2007 and 2008. Court records say he signed loan applications for two properties falsely stating that he had a monthly income of more than $24,000. For three other properties, he claimed the down payments he provided came from his own money, rather than his fellow conspirators.

Green faces a maximum penalty of 30 years in prison when he’s sentenced in federal court in Norfolk on May 23.

(Copyright 2012 by The Associated Press.  All Rights Reserved.)

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