Pennsylvania Feds Charge Ex-Real Estate Agent With Lying To Obtain $8M+ In Mortgages

The Pittsburgh Tribune-Review reports:

• "A former Butler County real estate agent orchestrated a scam involving more than $8 million in faulty bank loans, from which he pocketed more than $1 million, federal prosecutors claim. Scott P. Winovich, 43, of Cranberry, is charged with bank fraud and income tax evasion. He faces 30 years in prison and a $1 million fine. [...] Prosecutors said Winovich received about $8.3 million through 18 fraudulent loans from Allegheny Valley Bank, Progressive Home Federal Savings and Loan, Iron and Glass Bank and Northside Bank. Winovich netted $1.3 million for himself from those loans, according to court documents."

For more, see Butler County real estate agent accused of fraud.

For story update, see Mars Businessman Pleads Guilty To Bank Fraud, Tax Evasion (U.S. Attorney Mary Beth Buchanan announced that Scott P. Winovich, a resident of Mars, Pennsylvania, pleaded guilty in federal court to charges of Bank Fraud and Tax Evasion.)