Acting U.S. Attorney William E. Fitzpatrick announced Friday the owner of Metropolitan Title and Abstract was indicted on charges associated with the refinancing of properties in Morris and Bergen counties in New Jersey.
Forty-six-year-old Mark Andreotti of Wyckoff, New Jersey was found guilty of tax evasion, failure to file tax returns and conspiracy to commit bank fraud. He completed and submitted a loan application requesting $625,000 to refinance his home mortgage in January 2010. He utilized his company, Metropolitan, as the settlement agency. The financial institution transferred the $625,000 into Metropolitan’s escrow account. Instead of paying off the mortgage on his home, he spent the money on personal expenses, according to court documents.
He later conspired with an employee of a real estate attorney to obtain $480,000 in April 2011. He claimed the money would be utilized to refinance the lawyer’s home mortgage. Andreotti and his conspirator split the money, with him keeping $110,000. Andreotti failed to file his taxes in the 2010 and 2011 tax years. The Internal Revenue Service began collection actions against him in 2010.
He faces a 35-year prison sentence and $1,125,000. His sentencing hearing is scheduled for January 23, 2018.