Closing Attorney Gets 51 Months For Ripping Off $3M+ From Trust Account; Loot Intended For Loan Payoffs, Lien Satisfactions

From the Office of the U.S. Attorney (Boston, Massachusetts):

• A Falmouth man who practiced law in Taunton was sentenced [] for bank fraud in connection with mortgage closings.
  
  Craig J. Martin, 54, was sentenced by U.S. District Judge Patti B. Saris to 51 months in prison, to be followed by two years of supervised release and $2.9 million in restitution. On Feb. 3, 2012, Martin pleaded guilty to two counts of wire fraud.
  
  Martin, in his role as a closing attorney for real estate transactions, received mortgage loan funds from lenders, which were to be held in his attorney trust account and used for the closings. As closing attorney, Martin was responsible for using the loan proceeds to pay off the existing mortgages on the properties.
  
  But instead, Martin diverted more than $3 million in mortgage funds to other purposes and falsified the loan closing documents to conceal his misappropriation of the funds.

For the U.S. Attorney press release, see Former Falmouth Attorney Sentenced for Bank Fraud.