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January 14, 2009
A Connecticut closing attorney asked for reinstatement after being suspended from practicing law and serving two years in prison for mortgage fraud. The New Haven County bar admissions committee approved his reinstatement, however, it wasn’t enough.
After thirty years of practicing law, Frank Toro Jr. never had a single grievance filed against him, but in 2003 he was involved in a mortgage fraud scheme that led to more than $1 million in losses for EquiCredit mortgage.
He admitted to representing the buyer, seller and mortgage company in a fraudulent manner, allowing several transactions to close that contained false information, such as inflated appraised values. Toro closed more than 300 transactions for EquiCredit.
He was ordered to pay $80,000 in restitution, sentenced to two years in prison and had his license suspended. Last May, he approached the admissions committee for reinstatement who approved his request. But at a second hearing in front of a three-judge panel in New Haven Superior Court, he failed to show remorse for his actions, putting the blame on the mortgage companies and little on himself. And this was the reason the judges felt his license could not be reinstated.
Read story at Law.com
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