On Monday, March 12, 2018, it was announced that a former settlement agent from Wyckoff, New Jersey had been sentenced to prison for defrauding banks out of $1.1 million using phony loan applications for properties located in Morris and Bergen Counties, New Jersey. 47-year-old Mark Andreotti was also sentenced for failing to pay more than $450,000 in personal income taxes. The defendant was sentenced to 144 months in prison.
He was previously convicted on all six counts of an indictment, which charged him with bank fraud, conspiracy to commit bank fraud, tax evasion and failure to file tax returns. Evidence presented at trial showed that in January of 2010, the defendant submitted a loan application to a bank requesting $625,000 to refinance the mortgage on his house in Wyckoff. Andreotti owned and operated Metropolitan Title and Abstract. He used the business as the settlement agent on the transaction.
After the bank transferred the money to the company’s escrow account, the defendant spent the money on personal expenses. In April of 2011, Andreotti conspired with another individual, who worked as a real estate attorney, to acquire $480,000 by claiming that the money would be used to refinance the mortgage on the attorney’s home in Montville, New Jersey. When the bank transferred the money to Metropolitan’s escrow account, the defendant kept $110,000 and transferred to the rest of the money to the other conspirator.
The Internal Revenue Service initiated collection actions against the defendant in 2010 for unpaid personal income taxes. Despite facing numerous liens and levies, Andreotti continued to evade his taxes. He also failed to file returns for the 2010 and 2011 tax years. Again, 47-year-old Mark Andreotti has been sentenced to 144 months in prison. He will also serve five years of supervised release. Judge Wigenton has ordered the defendant to pay restitution of more than $2.1 million.
Additional details have been made available here.