A guilty plea has been made by a former mortgage loan originator at JPMorgan Chase & Co. who is accused of causing more than $30 million in losses to his employer.
The alleged crimes took place between January 2006 and July 2007 when Ross D. Pickard worked as a senior loan officer for JPMorgan Chase Bank, N.A.
Pickard helped prime-quality clients with the financing of real estate throughout the Florida communities of Bradenton, Clearwater, Orlando and Sarasota.
U.S. Attorneys Office for the Middle District of Florida alleges that Pickard and his co-conspirators submitted fraudulent information and documents to Chase in order to secure loan approvals.
In all, Chase allegedly suffered $33.3 million in losses as a result of the scheme.
Pickard was indicted in January.
On Thursday, the Department of Justice announced that Pickard has pled guilty
to one count.
He faces up to five years in prison and a fine up to $250,000.
The plea agreement requires restitution of $33.3 million to Chase.