Arizona men set to appear in mortgage-fraud case
BISMARCK, N.D. -- Two men from a defunct Arizona mortgage lender are scheduled to appear in court on accusations they swindled Bismarck-based BNC National Bank out of at least $26 million.
Scott Powers and David McMaster are charged with conspiracy to commit bank fraud and wire fraud. Powers was the CEO of the Valley's American Mortgage Specialists, Inc., and McMaster was the vice president in charge of lending.
Authorities said the mortgage company, which shut down in April 2010, lied about the status of loans the bank had financed.
James Belanger, McMaster's attorney, said his client made mistakes and is accepting responsibility for them.
Patrick Sampair, the attorney for Powers, was not immediately available for comment.
McMaster is scheduled to appear in federal court in Bismarck at 9 a.m., and Powers at 10 a.m. Friday.