| Author: | Hoa Nguyen; Staff Write |
...The developer is accused of fradulently obtaining $25 million in bank loans. Federal prosecutors contend Kissel filed fradulent mortgage releases that appeared to free him from loans that he still owed. Kissel then used those releases to persuade other lending institutions to issue him new mortgages on the same property, according to the federal complaint...
...The companies provided insurance policies to the lending institutions that issued new loans to Kissel, Stewart Edelstein said. Because the institutions lost money, they are seeking compensation from the title insurance companies, which in turn want to hold Kissel financially liable, according to the lawsuit....
...Timothy Mulroy, according to land records, filed a $48,985 lien on 58 Quaker Lane, where he said he built Kissel a library. Although Mulroy received a deposit for the work, Kissel missed one payment and then issued him a check that bounced, said Mulroy, adding that based on what he knows now, he fears he may never be paid...
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