BOSTON -- The former owner of the Loan Depot, a mortgage brokerage business, has been found guilty of mail fraud.
U.S. Attorney A. John Pappalardo said the charges involved efforts to market "mortgage pools" to investors.
Mr. Camuti is the former owner of Capital Finance Corp., which conducted a loan brokerage business in Randolph, Mass., under the name Loan Depot during the 1980s and early 1990s.
Loan Depot Service Corp., a related entity, offered investment opportunities to people wishing to place their funds in pools secured by mortgages.
The U.S. attorney said that individuals were asked to commit funds on security consisting of first or second mortgages, but that Mr. Camuti never intended to collateralize with mortgages.
