A Shavertown, Pennsylvania man faces up to 60 years in state prison after a federal jury convicted him of bank fraud and conspiracy for years of conspiring to cover up real estate fraud from a mortgage lender.
James Mahon IV, 66, was condemned June 18 following the trial in Scranton, the US Attorney’s Office for the Middle District of Pennsylvania said. Mahon served as vice president of Tammac Holdings, a Wilkes-Barre-based company that originated mortgage loans before selling the proceeds to banks and investors while continuing to operate the accounts.
Prosecutors said from 2008 to 2021, Mahon and other Tammac employees hid criminals in loan sharks under the guise of paying off debts. Prosecutors also said the company seized assets without remittances to banks and investors as required.
The investigators allege that Tammac’s management provided false information to accountants, banks and investors, and misrepresented the company’s 2019 loan transaction to an investment firm. The FBI investigated the matter.
Mahon was convicted of bank fraud and wire fraud. He faces a maximum sentence of 60 years in prison, a $500,000 fine and no time in prison. A sentencing date has not been announced.
Assistant United States Attorneys Joseph J. Terz and Geoffrey W. MacArthur are prosecuting the case.
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