Regulators yesterday announced that Scott N. Powers, the former CEO of Arizona-based mortgage loan originator American Mortgage Specialists Inc., and David McMaster, a former officer of AMS, were sentenced to serve 96 and 188 months in prison, respectively, for their roles in a $28 million scheme to defraud North Dakota-based BNC National Bank, according to a press release yesterday from the Special Inspector General of the Troubled Asset Relief Program (SIGTARP). In addition to their prison terms, Powers and McMaster were each ordered to pay a money judgment to the government of approximately $28,564,470 and also to pay restitution to BNC bank in that same amount. Powers and McMaster pleaded guilty on Oct. 19, 2012, to conspiracy to commit bank fraud and wire fraud affecting a financial institution. Read the full press release.
