According to court documents, Barton Schack, 65, of Ringwood, N.J., RMP’s former chief investment officer, helped the company’s founder, an unnamed co-conspirator, secure the loan by misrepresenting to the lender the occupancy status of certain properties put up as collateral.
After the mortgage loan closed, Mr. Schack and the co-conspirator allegedly continued the scheme by concealing the actual financial status of the medical properties by submitting fraudulent financial statements to the loan servicer on a monthly basis.
Mr. Schack is slated to be sentenced on June 22. He faces a maximum sentence of 30 years in prison and a $1 million fine.
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