According to a U.S. Department of Justice press release, Michael Scott Leslie originated the loans through one company he owned, Montage Mortgage, and “closed” them with another, Snowberry. The loans were sold to the unnamed victim bank until Leslie found a final investor, which ended up being another business he owned, Mortgage Capital Management.
The 144 residential mortgage loans were based on information from real people that was used without their knowledge, according to the Justice Department.
