Mortgage Broker Sentenced for Felony Theft
MD ( January 28, 2010) - Attorney General Douglas
F. Gansler announced today that David Young Park, 43, the former
president of Capital City Financial Group in Ellicott City,
entered a plea of guilty to one count of felony theft in Baltimore
County Circuit Court. Judge John J. Nagel, III sentenced Park
to five years in jail with all but 18 months suspended. Park
was also ordered to complete five years of supervised probation
and make restitution to the victim in the amount of $116,556.
In June of 2007, Park
assisted the victim with the refinance of her home. The victim
intended to use the more than $100,000 in
equity to purchase a commercial condo for her business. Following
settlement, Park obtained the victim’s proceeds from the
title company without the victim’s knowledge, deposited them
into his escrow account and spent the money on various personal
and business expenses over the course of two weeks. When confronted
by the victim, Park admitted to having spent all of her money.
According to the Division of Financial Regulation at the Maryland
Department of Labor, Licensing and Regulation, Mr. Park has never
been licensed as a mortgage originator and Capital City Financial
Group has never been licensed as a mortgage lender
by the Maryland Department of Labor, Licensing and Regulation,
the investigation was conducted by the Attorney
General’s Criminal Division and the Maryland State Police.
In making his announcement today, Attorney General Gansler thanked
Assistant Attorney General Megan Limarzi for her work on the case.