A lawyer who is serving a 10-year prison sentence for participating in mortgage fraud has been disbarred by the Appellate Division, Second Department. Last year, Roman Mavashev was found guilty of the felony charges of conspiracy to commit bank fraud, conspiracy to commit wire fraud and three counts of bank fraud in connection to his ownership and operation with others of New Generation Funding, a residential mortgage brokerage agency. The felony convictions result in automatic disbarment under Judiciary Law §90(4)(a).
Among its actions, New Generation Funding submitted loan applications to lenders with fraudulent identity documents, false information about potential borrowers’ income, assets and employment information. Mr. Mavashev was tried in U.S. District Court for the Eastern District and convicted for his participation in the scheme from February 2005 to December 2005. He was directed to pay $2.78 million in restitution and forfeit more than $540,000 in proceeds from the scheme.
