BANKRUPT BANKER
Michael J. McGrath Jr. pleaded guilty Thursday to charges of mail and wire fraud and money laundering,
Sunday 14 June 2009
Michael J. McGrath Jr. pleaded guilty Thursday to charges of mail and wire fraud and money laundering, The Associated Press reported. He faces 12 1/2 to 20 years in prison when he is sentenced Oct. 1. He will have to pay restitution.The 46-year-old Montclair resident was president of US Mortgage, based in Pine Brook. He admits that from January 2004 through January 2009 he sold mortgage loans to the Fannie Mae government-controlled mortgage company without authorization of the credit unions that owned them.He used the proceeds to fund operations of his company and to make personal investments.
