U.S. Markets open in 9 hrs 20 mins

Man charged in mortgage fraud set for sentencing

BISMARCK, N.D. (AP) -- Sentencing is set for one of four people charged in the case of a defunct Arizona mortgage lender accused of swindling Bismarck, N.D.-based BNC National Bank out of about $27 million.

Authorities say 69-year-old David Kaufman lied to investigators when he was question about his role as an independent auditor. He pleaded guilty to obstruction of justice.

Three executives with American Mortgage Specialists Inc. are also charged in the case. AMS allegedly defrauded the bank by providing it with false financial statements and other information about the status of loans the bank had financed.

Sentencing is scheduled for 10:30 a.m. Monday in Bismarck, although Kaufman will appear via video from Arizona. He faces a maximum sentence of 10 years in prison.