Two executives from a defunct Arizona mortgage lender have been sentenced to federal prison on charges they swindled Bismarck-based BNC National Bank out of at least $26 million.
Scott Powers and David McMaster pleaded guilty earlier to conspiracy to commit bank fraud and wire fraud. Powers was the CEO of American Mortgage Specialists Inc., or AMS, and McMaster was the company's vice president in charge of lending operations.
U.S. District Judge Daniel Hovland on Friday sentenced McMaster to more than 15 years in prison and Powers to eight years behind bars. Powers was given credit for cooperating with authorities.
The plea agreements call for Powers and McMaster to forfeit $28.5 million, which includes proceeds from the fraud.
Attorneys for the two defendants were not immediately available for comment.
Copyright 2013 Associated Press. All rights reserved.
Sunday, August 31 2014 3:28 PM EDT2014-08-31 19:28:29 GMT
Disturbing pictures of an injured kindergartner from Pascagoula have made a mother's call for action go viral online.More >
Disturbing pictures of an injured kindergartner from Pascagoula have made a mother's call for action go viral online. Friends and family of a Pascagoula kindergarten student have created a Facebook page and GoFundMe.com account claiming the girl was attacked on the playground this week by another student.More >
Sunday, August 31 2014 4:12 PM EDT2014-08-31 20:12:10 GMT
CONWAY, SC (WMBF) – Dozens of videos are all over Twitter from parties held at Coastal Carolina University. Many of the posts lead back to a group called I'm Shmacked. It makes videos at universitiesMore >
Dozens of videos are all over social media from parties held at Coastal Carolina University.More >