John A. Yanchek pleaded guilty to conspiracy, money laundering and making false statements to a bank in connection with a $82.7 mil commercial loan.

Authorities say a Sarasota, Fla., lawyer has admitted to participating in an $82.7 million mortgage loan scheme that defrauded seven banks.Federal prosecutors say 49-year-old John A. Yanchek pleaded guilty Wednesday to conspiracy, money laundering and making false statements to a bank in connection with a commercial loan. The most serious offense, making false statements, carries a maximum sentence of 30 years in prison and a $1 million fine.plea agreement says Yanchek and three other men conspired to get commercial loans to cover the purchase of vacant land in Sarasota and Manatee counties. The plan was to obtain loans in amounts that would let the conspirators purchase the property without down payments and then keep the extra money for themselves.

John A. Yanchek pleaded guilty to conspiracy, money laundering and making false statements to a bank in connection with a $82.7 mil commercial loan.

Authorities say a Sarasota, Fla., lawyer has admitted to participating in an $82.7 million mortgage loan scheme that defrauded seven banks.F...

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