Skip to main content

Rhode Island Sen. Christopher B. Maselli Pleads Guilty in Mortgage Fraud Scheme
Nov 05, 2010

Rhode Island State Sen. Christopher B. Maselli, a North Providence, R.I. real estate attorney and state senator from Johnston, R.I. has filed notice with the U.S. District Court in Providence that he intends to plead guilty to eight counts of bank fraud, as charged by the government. An information filed by the government last week alleges that Maselli falsified bank and federal tax documents and lied about his income and assets in obtaining more than 1.7 million dollars in mortgages. There is no plea agreement between Mr. Maselli and the government. The filing of the information was announced by U.S. Attorney Peter F. Neronha. Maselli was first charged in this matter in June by way of indictment with seven counts of bank fraud. The information filed Tuesday contains those charges, and one additional count of bank fraud. In the latest charge, it is alleged that Maselli used a family member as a straw borrower and fabricated documents to support the loan application. According to the Information, between June 2007 and March 2009, Maselli, a self-employed attorney, allegedly inflated his annual income dating back to 2005; lied about personal assets; and submitted phony and altered bank statements and IRS tax returns when applying for mortgages, a home improvement loan, and an auto loan. In all, Maselli obtained six mortgages on residential properties in Johnston and North Providence, and an auto loan, totaling approximately $1,725,027.50. Bank fraud is punishable by a maximum sentence of 30 years' imprisonment, a $1 million fine, and five years of supervised release. The case is being prosecuted by Assistant U.S. Attorney Dulce Donovan. The matter was investigated by the Federal Bureau of Investigation; U.S. Department of Housing & Urban Development (HUD), Office of the Inspector General; and the Internal Revenue Service, Criminal Investigations. For more information, visit
The New URLA – What’s the Big Deal?

Lenders will need to update their technology stack to comply with the redesigned URLA.

Regulation and Compliance
Jun 14, 2021
Texas State Legislators Looks To Protect Reverse Mortgage Borrowers

A Texas House Bill has been introduced to prevent false, misleading or deceptive advertising by reverse mortgage lenders.

Jun 02, 2021
Could Prudential Standards for Nonbank Mortgage Servicers be Eased?

From The Desk Of The “Om-Bobs-Man”

Regulation and Compliance
May 31, 2021
Get Ready to Duck and Cover

After years of hands-off attitude by regulators, a new wave of mortgage enforcement is building. Expect a tsunami.

Regulation and Compliance
May 13, 2021