Unlicensed Mortgage Originator Cops Plea To Helping Homeowner Refinance Home, Then Swiping $100K+ In Loan Proceeds Obtained From Closing Agent

From the Office of the Maryland Attorney General:

• Attorney General Douglas F. Gansler announced [...] that David Young Park, 43, the former president of Capital City Financial Group in Ellicott City, entered a plea of guilty to one count of felony theft in Baltimore County Circuit Court.(1)

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• In June of 2007, Park assisted the victim with the refinance of her home.(2) The victim intended to use the more than $100,000 in equity to purchase a commercial condo for her business. Following settlement, Park obtained the victim’s proceeds from the title company without the victim’s knowledge, deposited them into his escrow account and spent the money on various personal and business expenses over the course of two weeks. When confronted by the victim, Park admitted to having spent all of her money.

For the Maryland AG press release, see Former Mortgage Broker Sentenced for Felony Theft.

(1) Judge John J. Nagel, III sentenced Park to five years in jail with all but 18 months suspended. Park was also ordered to complete five years of supervised probation and make restitution to the victim in the amount of $116,556.

(2) According to the Division of Financial Regulation at the Maryland Department of Labor, Licensing and Regulation, Mr. Park has never been licensed as a mortgage originator and Capital City Financial Group has never been licensed as a mortgage lender.