Marc Robert Engelman, 59, Davenport, Iowa, appeared in United States District Court on May 20, 2011, to answer an indictment charging him with two counts of bank fraud, six counts of wire fraud, and one count of conspiracy.
The indictment alleges that Engelmann, an attorney, participated in a scheme to defraud banks and mortgage lenders during 2005 and 2006. Engelmann was alleged to have personally participated in eight such transactions involving nine properties in Davenport, Iowa.
Chief United States Magistrate Judge Thomas J. Shields ordered Engelmann released on bond pending trial which is set for July 5, 2011.
Each count of wire fraud is punishable by up to 20 years of imprisonment, a fine of up to $250,000, up to three years of supervised release, and a $100 special assessment for the Crime Victim Fund. Each count of bank fraud is punishable by up to 30 years of imprisonment, a fine of up to $1,000,000, up to five years of supervised release, and a $100 special assessment. The single count of conspiracy is punishable by up to five years of imprisonment, a fine of up to $250,000, up to three years of supervised release, and a $100 special assessment.
As in any criminal case, a charge is merely an accusation, and a defendant is presumed innocent unless and until proven guilty.
This case is being prosecuted by the United States Attorney’s Office, Southern District of Iowa and is being investigated by the Federal Bureau of Investigation.