On Tuesday, April 24, 2018, it was announced that 72-year-old Mark Migdal of Portola Valley, California had been sentenced to 18 months in prison for conspiracy to commit bank fraud and providing false statements to banks. The defendant entered a guilty plea on July 25, 2017. According to the guilty plea, between June 2009 and April 2016, the defendant conspired to defraud two federally insured banks, now Bank of America and EverBank.
The defendant admitted that the conspirators sought the banks’ approval for the short sale of condos owned by Migdal in Kihei, Maui. The defendant conspired to convince the banks to allow the properties to be sold to an individual who was actually deceased. After the sale, Migdal controlled and rented the properties by using the deceased individual’s identity. He later transferred them back to himself.
He also admitted that between June of 2009 and January of 2010, he gave false statements to JP Morgan Chase in hopes of acquiring mortgage modifications on his Portola Valley residence and a condo he owned in Mountain View. In addition to the 18 months in prison, the defendant has also been sentenced to three years of supervised release. Further details have been made available here.
