Former lawyer James Levitt has pleaded guilty in a $1.1 million mortgage fraud scheme involving properties in Providence and East Providence.
The 66-year-old Levitt pleaded guilty to multiple counts of bank fraud and filing false federal tax returns Wednesday in federal court in Providence. He faces up to 96 years in prison and up to $3.3 million in fines when he is sentenced April 19.
Federal prosecutors say Levitt obtained three mortgages totaling $1.1 million on two properties in Providence and one in East Providence based on fraudulent loan applications in 2006 and 2007. They say he used money from the mortgages to buy the Providence properties from an acquaintance who was facing foreclosure.
Prosecutors say Levitt also improperly put $270,000 from the property closings into his bank accounts.
