A Shavertown, Pennsylvania man faces up to 60 years in federal prison after a federal jury convicted him of bank fraud and conspiracy for his role in a yearslong scheme to conceal mortgage delinquencies at a manufactured housing lender.
James Mahon IV, 66, was convicted June 18 following a trial in Scranton, the U.S. Attorney’s Office for the Middle District of Pennsylvania said. Mahon served as executive vice president of Tammac Holdings, a Wilkes-Barre-based company that originated mortgages for manufactured housing before selling the loan portfolios to banks and investors while continuing to service the accounts.
Federal prosecutors said that from 2008 through 2021, Mahon and other Tammac employees concealed delinquency rates within loan portfolios by falsifying loan payments. Prosecutors also alleged the company repossessed properties without forwarding proceeds to banks and investors as required.
Investigators further alleged Tammac executives supplied false information to auditors, banks and investors, and misrepresented the condition of loan portfolios during the company’s 2019 sale to an investment firm. The FBI investigated the case.
Mahon was convicted of bank fraud and conspiracy to commit bank and wire fraud. He faces a maximum penalty of 60 years in prison, a $500,000 fine and a term of supervised release. A sentencing date has not been announced.
Assistant U.S. Attorneys Joseph J. Terz and Geoffrey W. MacArthur are prosecuting the case.
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