SPOKANE, Wash. — The Spokane Spokesman-Review reports that a man convicted of securities fraud in Colorado has been selling reverse mortgages in Spokane, while waiting to begin his prison term.
Michael Duane Smith is listed in a brochure issued by Golf Savings, a mortgage subsidiary of Sterling Savings Bank of Spokane. A spokeswoman said yesterday that he no longer works there.
He was convicted of securities fraud in May in federal court in Denver for a scheme in which investors lost nearly $50 million. No sentencing date has been set. Smith’s lawyer, Richard Stuckey of Denver, says Smith would have further comment.
The Washington Department of Financial Institutions says Smith applied for a loan originator’s license but was denied because of his felony conviction. He needs the license to work for a mortgage company, but not a bank.
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