An Eastchester attorney was convicted late Tuesday in a mortgage fraud scheme that prosecutors say netted him and his co-conspirators millions in illegal loan proceeds. Louis E. Cherico, 70, was convicted following a three-week trial in Manhattan federal court of conspiracy to commit bank fraud, bank fraud related to three separate mortgages and one count of money laundering. He was acquitted of two additional counts of bank fraud and one count of obstruction of justice.

Southern District Assistant U.S. Attorneys Nicholas L. McQuaid and Jason A. Masimore proved to the jury that Mr. Cherico played a key role in a fraudulent scheme to purchase multi-million dollar properties in Westchester County, serving as the lawyer who negotiated and closed transactions that were based on loan applications, contracts of sale, deeds, real estate transfer documents and title reports containing false or misleading information about the income, assets, existing debt and credit-worthiness of the borrower as well as the chain of title on the properties and the sale price of the homes.

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