Judge Sentences Davidsonville Man to Prison in Fraud Scheme
The 72-year-old will spend a year and a day in federal prison.
A Davidsonville man will spend 366 days in federal prison for defrauding lenders and an insurance company of $2.8 million, according to The Baltimore Sun.
Stephen J. Troese, 72, pleaded guilty to the charges in October but heard his sentencing on Tuesday.
Troese was a title attorney in the Baltimore metro area. After embezzlements and employee mistakes cost $2 million, according to The Sun, Troese tried to cover up the loss of funds by refinancing his home, but as the market continued to fall he was unable to hide his losses.
“Troese concealed the fact that the mortgages were not paid off by continuing to make the monthly mortgage payments [on previous loans],” according to InsuranceNewsNet.com.
After spending a year and a day in prison, Troese will reportedly be under “supervised release” for three years.