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Matthew C. Browndorf, 51, was charged with four counts of wire fraud and four counts of money laundering arising from a scheme that defrauded clients more than $3.9 million.
The licensed attorney was a partner at a California law firm as well as the CEO of Plutos Sama, LLC, a company organized in Delaware but principally located in California.
Plutos Sama owned Prince George's County firm, BP Fisher Law Group LLP, prosecutors said. The firm represented lenders and mortgage loan servicers in foreclosure and default proceedings on Maryland properties.
BP Fisher had acted as a substitute trustee for lenders and mortgage loan servicers who had lawfully enacted foreclosure proceedings on Maryland properties that were in default. The proceeds of the foreclosures were transferred into BP Fisher's trust accounts.
Once the proceeds were deposited into the trust account, Browndorf would transfer or direct the funds out of the account and into other accounts that he controlled, when the funds should have been paid to Fisher's clients.
Browndorf allegedly transferred funds out of BP Fisher's operating accounts which frequently left the company unable to pay ordinary business expenses such as payroll and benefits.
The over $3.9 million in funds were allegedly stolen to pay Browndorf's personal expenses of family members or expenses for Plutos Sama.
If convicted, Browndorf faces a maximum sentence of 20 years in federal prison for each count of wire fraud and a maximum sentence of 10 years in federal prison for each count of money laundering.
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