Princeton (Mass) attorney accused of theft in $6.2 scheme

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On July 24, 2007 a Criminal Information was filed in the Massachusetts District Court alleging that attorney Alan Mason of Princeton, Mass had engaged in a scheme to defraud lenders by converting portions of loan proceeds for his own use.
Mason was the owner of Alan Mason Legal Services, Inc of 428 Shrewsbury Street, Worcester, MA. He was an agent for Stewart Title and also bought and sold foreclosed properties.
In the scheme Mason is alleged to have prepared false closing docs like HUD-1’s which showed that existent liens had been paid off using loan proceeds when in fact they had not. He allegedly sent copy checks and other documents which purported to prove the non-existent pay offs. He then issued Title Insurance policies knowing that the titles were defective because the liens had not been paid off. He then made regular monthly payments to the liens to avoid defaults and triggering alerts.
During this scheme he is alleged to have defrauded at least 10 lenders of over $6.2 million.
In the process he created real estate trusts that did not identify him as a trustee even though he controlled them. They are listed as:
Z&P Realty Trust
William J. Ziaja Realty Trust
One Princeton Street Realty Trust
16 Delaval Road Realty Trust
94 Cranberry Lane Realty Trust
J and M Realty Trust
He is alleged to have made substantial profits from buying and selling property using these trusts to do so and converting the profits for personal use.
Mason is due to appear in court for a change of plea hearing on September 6th 2007.
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