Hyacinth Bellerose, 50, a Dunstable, Massachusetts real estate attorney, pleaded guilty to one count of conspiracy to commit bank fraud in federal court.
Bellerose, who was prosecuted by the office of United States Attorney Carmen M. Ortiz, colluded with a Methuen loan officer and a Haverhill real estate agent to defraud lenders from 2007-2010 by orchestrating a number of phony short sales. Bellerose and her co-conspirators submitted false and misleading documents to the banks to convince them to permit the short sales while at the same time inducing the buyers’ banks to finance purchases. The home sellers, though, stayed in their homes with their mortgages “substantially reduced” (mortgage laundering) while the conspirators made money from the transactions. Some of the homeowners then later sold their homes at a profit.
Read the original press release on the website of the U.S. Attorney for the District of Massachusetts.