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Mortgage Broker Cops to Theft of $5M in Refinancing Loans

A mortgage broker has pleaded guilty to stealing almost $5 million in refinancing loans so he could buy watches and jewelry. So reports MarketWatch.

prison icon 2071965 640 small 300x300According to authorities, 50-year-old Brent Kaufman of Commack, N.Y., gave lenders his own bank account information instead of the information for the original mortgage lender for where the money should be sent.

Kaufman, a disbarred lawyer whom prosecutors say had no license to operate as a mortgage broker, now faces up to 30 years in prison.

Read the full article from MarketWatch.

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