BOSTON (AP) — A dual citizen of Ireland and the United States has pleaded guilty to a $1.5 million mortgage fraud scheme.
Patrick Lee entered his plea to federal charges of wire fraud and making an unlawful monetary transaction Tuesday.
Prosecutors say the 45-year-old Lee engaged in the scheme from 2005 to 2007 before the housing bubble burst. They say he and others converted multi-family buildings in Boston into condominiums, made fake mortgage loan applications and forged property appraisals.
The properties eventually went into foreclosure, and the lenders lost money.
Lee was extradited from Ireland to face his charges. His extradition was the first from Ireland to the U.S. since 2012.
Lee faces up to 20 years in prison during his sentencing scheduled for Feb. 28.
