United States Attorney Mary Beth Buchanan announced today, November 18, 2005, that Michael D. Altman, a resident of Pittsburgh, Allegheny County, Pennsylvania, pleaded guilty in federal court to a charge of bank fraud. Altman, age 42, of 355 Frazier Drive, Pittsburgh, Pennsylvania, pled guilty to one count before United States District Judge Gary L. Lancaster.
In connection with the guilty plea, Assistant United States Attorney Dennis P. Kissane advised the court that Altman, while employed as a loan officer at America’s Mortgage Outlet, Inc., Monroeville, Pennsylvania, participated with others in the submission of false and fraudulent mortgage loan applications and supporting documents to Flagstar Bank, a federally insured financial institution. Altman acknowledged that between August 16, 2002 and February 28, 2003, he, with the assistance of others at America’s Mortgage Outlet, submitted applications for nine mortgage loans to Flagstar Bank which were funded by the bank, causing the bank to extend loans to borrowers who would not otherwise have qualified for the loans.
Judge Lancaster scheduled sentencing for February 17, 2006 at 10:00 a.m. The law provides for a total sentence of thirty years in prison, a fine of $1,000,000, or both. Under the Federal Sentencing Guidelines, the actual sentence imposed is based upon the seriousness of the offense and the criminal history, if any, of the defendant.
Pending sentencing, the court continued Altman on bond. The Federal Bureau of Investigation, Pittsburgh Office, conducted the investigation that led to the prosecution of Altman.