An Albany attorney was convicted Friday on a handful of mortgage fraud felonies.
Michael Bouchard, 49, was found guilty of conspiring to make false statements to mortgage lenders, aiding and abetting in a bank fraud scheme and making a false statement to a mortgage lender. The bank fraud and false statement charges each carry maximum sentences of 30 years in prison and fines of up to $1 million.
The charges stem from Bouchard's connection with two local real estate businesses that worked with the Bouchard Law Firm to send false documents to lending institutions his firm represented in order to get mortgages. Principals from the two real estate businesses, who have already pleaded guilty to their part in the crime, and Bouchard secretly profited from the mortgages.
Bouchard was acquitted by the jury of 20 other bank fraud counts connected to the process, which resulted in two paralegals from the Bouchard Law Firm pleading guilty.
"We will continue to aggressively prosecute those who violate their fiduciary duty and engage in mortgage fraud," Richard S. Hartunian, U.S.attorney for the Northern District of New York, said in a statement stressing the important role attorneys are supposed to play in maintaining the integrity of the mortgage system. .
Bouchard's sentencing is scheduled for March 13, 2013.