Tigard, Oregon – The 69-year old suspended CPA, Morton Daniel Bohn, pled guilty to bank fraud and money laundering.

In March 2009, a twelve count indictment was returned by a federal grand jury – alleging bank fraud, false statements on loan applications and money laundering. Bohn was arrested by IRS agents and was subsequent o the indictment, agreed to pay restitution in the estimated amount of $288,171. Sentencing is set for April 6, 2010.

According to the indictment, Bohn was engaged into a scheme to defraud Countrywide Financial Corporation (”Countrywide”) of money between November 2003 and January 2004. As part of this scheme, Bohn applied for a mortgage from Countrywide to refinance the home loan for his Lake Oswego, Oregon residence. Bohn stated to his mortgage broker on Uniform Residential Loan Applications that his monthly gross income was $5,845 when he knew it was well below that amount. Bohn fabricated and submitted fraudulent individual income tax returns to his mortgage broker that reported adjusted gross income (”AGI”) of $69,892 in 2001 and $77,012 in 2002. However, the actual tax returns that Bohn previously filed with the IRS for those same years reported only $11,940 and $7,556 respectively in AGI. As a result of Bohn’s fraud, Countrywide advanced $283,200 to him for the refinance.

Bank fraud carries a maximum sentence of up to 30 years in prison and a $1,000,000 fine. Money laundering of this nature carries a maximum sentence of up to ten years in prison and a fine of not more than twice the amount of the criminally derived property involved in the transaction.