Attorney Convicted in Scheme to Commit Bank Fraud


In the end, all of the straw buyers default on the mortgages, and all ten of the beach properties end up in foreclosure. The fraudulent mortgage loan scheme results in a loss of $5,317,350 to Wells Fargo Bank and the other lenders. Meanwhile, Brannan pays $2,401,368 to his co-conspirators as part of the scheme.
For his transgressions, Brannan faces up to 30 years in federal prison and a possible $1 million maximum fine.

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