IOWA CITY, Iowa (AP) — The Iowa Supreme Court has disbarred a Davenport real estate lawyer who was convicted of helping buyers secure inflated mortgage loans before the 2008 market crash.
The court on Friday revoked the law license of Marc Engelmann, who is serving a three-year prison term on fraud charges.
Engelmann represented a seller of nine residential properties to the same two buyers. In each transaction, he filed official statements that overstated the sales prices by $30,000. Lenders approved higher loans for the buyers based on the inflated price. The seller gave a kickback of $30,000 to the buyers at closing.
Federal prosecutors brought charges in 2011 after the buyers defaulted on the loans, costing lenders nearly $393,000.
Engelmann had practiced law since 1976, handling thousands of transactions in the Quad Cities area.