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)

Currency Trader Accused of Ponzi Scheme

The founder of a Georgia-based currency trading firm has been charged with wire fraud in an alleged $25 million Ponzi scheme.

Federal prosecutors say 49-year-old James G. Ossie of Atlanta, the principal operator of Cre Capital Inc. Of Alpharetta, was indicted by a federal grand jury and is scheduled to surrender in federal court on Friday for arraignment.

U.S. Attorney David E. Nahmias said Wednesday that an investment fund for private clients focused on options contracts in foreign currencies from April until January, when it was shut down by the securities and exchange commission.

The fund allegedly guaranteed profits of 10 percent within a month but by January owed more than $23 million to investors with just $2 million in its accounts.

(AP)