Georgia Man Admits to Mortgage Fraud

A Georgia man has admitted to scheming to acquire millions of dollars in fraudulent mortgages and other loans. Federal prosecutors say 43-year old Mark Anthony McBride in Atlanta pleaded guilty Friday to conspiracy and to a bankruptcy fraud designed to stay foreclosures on dozens of fraudulently obtained properties.

US Attorney David E. Nahmias says the case is disturbing because dozens of banks were damaged, including Omni National Bank which was closed late last month by federal regulators.

McBride could receive up to 35 years in prison and a fine up to 1 and a quarter million dollars.

(Associated Press)

Omni National Bank Closes

Regulators have shut down Omni National Bank in Georgia, marking the 21st failure this year of a federally insured bank. The Federal Deposit Insurance Corp. was appointed receiver of the bank, based in Atlanta. It had $980 million in assets as of Dec. 31.

The Office of the Comptroller of the Currency says losses have depleted the bank of most of its capital and it would have been unable to recapitalize itself without government assistance. The FDIC will release further information about its plans for the bank, the OCC said.

(The Associated Press)