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Cambridge Resident Accused of Defrauding Mortgage Lenders
In a shocking turn of events, Mark J. Zimny, 42, a former Cambridge resident, has been charged with two counts of bank fraud in connection with real estate mortgage loans. This is in addition to the five counts of wire fraud, five counts of unlawful money laundering, and two counts of federal tax violations he was previously indicted on in January 2013.
According to the superseding indictment, Zimny owned and operated a business called IvyAdmit Consulting Associates, which claimed to assist students in obtaining admission to elite American prep schools, colleges, and universities. He allegedly told a couple from Hong Kong that if they provided him with large funds to give to schools in New England for ‘development contributions,’ he could influence admissions decisions on behalf of their two children. However, the indictment alleges that Zimny took the funds, exceeding $600,000, but never delivered them to the schools as promised. Instead, he used the funds for his own purposes.
The new bank fraud charges allege that Zimny set out to defraud mortgage lenders by using misrepresentations and false documents in his loan applications to purchase real estate in Massachusetts, New York, and California. He also failed to report income he received in 2008 and 2009.
If convicted, Zimny faces a maximum sentence of 20 years in prison, three years of supervised release, and a $250,000 fine on each count of wire fraud; 10 years in prison, two years of supervised release, and a $250,000 fine on each count of money laundering; 30 years in prison, five years of supervised release, and a $1 million fine on each count of bank fraud; and three years in prison, one year of supervised release, and a $250,000 fine on each count of tax violation.
The case is being led by United States Attorney Carmen M. Ortiz, Shelly Binkowski, Inspector in Charge of the U.S. Postal Inspection Service, and William P. Offord, Special Agent in Charge of the Internal Revenue Service’s Criminal Investigations in Boston. The case is being prosecuted by Victor A. Wild of Ortiz’s Economic Crimes Unit and Sean R. Delaney of the Tax Division.
Zimny is presumed innocent until proven guilty beyond a reasonable doubt in a court of law. The details contained in the indictment are allegations, and the case is ongoing.
This is a developing story, and we will provide updates as more information becomes available.
Key Facts
- State: Massachusetts
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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