Monday, April 15, 2013 | 6:30 p.m.
A Las Vegas real estate agent accused in a mortgage scheme that hit victims with more than $50 million in losses was convicted on Thursday on counts of conspiracy and fraud.
David Mark, 37, faces up to 50 years in prison and $1.25 million in fines, the U.S. Attorney’s Office for the district of Nevada said.
Mark, a real estate agent and transaction coordinator at Distinctive Real Estate, allegedly used clients' money to buy properties in Las Vegas above the seller’s asking price and siphon of the excess funds to co-conspirators, officials said. Mark perpetrated his crimes from about March of 2006 to December 2007. One of his co-conspirators, Eve Mazzarella, was convicted of fraud in December 2011 and was sentenced to 14 years in prison.
Officials say Mark used this scheme with more than 200 properties, many of which were foreclosed on when his co-conspirators stopped making mortgage payments.
Officials said Mark is free on a personal recognizance bond. He will be sentenced July 29.