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Indicted attorney points a finger at JPMorgan in mortgage fraud

Indicted attorney points a finger at JPMorgan in mortgage fraud

Over five years, federal prosecutors in Pittsburgh have convicted more than 100 mortgage industry brokers, appraisers, closing agents and real estate attorneys — but just a handful of bank employees, and all of those at the branch level.

Late last month, one attorney charged with fraud suggested in court filings that global financial giant JPMorgan Chase Bank was more complicit in the last decade’s mortgage crime wave than some people who have been charged criminally.

Arthur Smith, a Downtown-based real estate attorney facing wire fraud, bank fraud, conspiracy, money laundering and tax charges, has subpoenaed the bank, whose loan losses are at the center of the indictment against him. He’s demanding documentation of any federal investigations stemming from its transactions in Western Pennsylvania.

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