Lynn Accountant Pleads Guilty For Role In Mortgage Fraud Scheme

BOSTON (AP) — An accountant from Lynn has pleaded guilty for his role in a decade-long mortgage fraud scheme involving dozens of properties.

The U.S. Attorney's office says 53-year-old David Plunkett, of Lynn, entered his plea Monday to a charge of bank fraud and aiding in the submission of false tax returns.

Prosecutors say Plunkett prepared fake tax returns for borrowers that were submitted to lenders in support of fraudulent loan applications.

The borrowers then purchased multi-family properties in Salem that were converted into condominiums by co-conspirators.

Prosecutors say the borrowers often defaulted on their loan payments, resulting in foreclosures and millions of dollars in losses to financial institutions.

Plunkett faces up to 33 years in prison and $1.25 million in fines during his sentencing June 25.

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