WILKES-BARRE, Pa. — A federal jury has found a Luzerne County man guilty of bank fraud and conspiracy charges following a criminal trial, prosecutors announced.
The United States Attorney’s Office for the Middle District of Pennsylvania stated that 66-year-old James Mahon IV, of Shavertown, was convicted of bank fraud and conspiracy to commit bank and wire fraud.
Mahon previously served as the Executive Vice President of Tammac Holdings, a Wilkes-Barre-based financial firm that specialized in originating mortgages for manufactured housing. Federal investigators revealed that the charges stemmed from a financial scheme involving fraudulent mortgage originations.
Following the jury's guilty verdict, Mahon faces severe federal penalties. He faces a maximum statutory sentence of up to 60 years in prison, a 500,000 dollar fine, and a mandatory term of supervised release following his confinement. A sentencing date has not yet been scheduled by the court.
