A former lawyer of Somerville real estate, who is identified as Kevin Carey, is expecting sentencing on November 6, 2009 after pleading guilty to the charges which includes eight counts of theft and seven counts of making false statements on his financial condition and assets.

According to his plea, Kevin Carey has engaged in a mortgage stacking scheme which involves four houses located in Medford and Everett, Massachusetts that Carey or his family owned. The mortgage stacking scheme includes the successive refinancing of the properties’ loans without actually paying for the existing loans. He also issued title insurance policies for the transactions that he processed when he was still working as an agent for New England title insurance company. Aside from these, he also used fraudulent information on the loan application and closing documents to make sure that the loans will be granted.

This scheme did not result any loss for the lenders but the title insurance company suffered financial loss of as much as $2,000,000.