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October 12, 2012

Former lawmaker pleads guilty to equity-skimming charge

A former Standish legislator faces up to five years in prison after pleading guilty in a Portland court to charges of equity-skimming on multi-family residential properties in Topsham.

U.S. Attorney for the District of New Hampshire, John P. Kacavas, announced Wednesday that 38-year-old Adam Mack of Standish could also owe a fine of up to $250,000 for misapplying subsidized mortgage loans he received from the U.S. Department of Agriculture Rural Development, according to a release from Kacavas' office.

At the time, Mack was an officer and principal of Chartwell Management Co., based in Portland. The company managed several multi-family properties and received the subsidized mortgage loan to buy the Barron's Hill apartment complex in Topsham, according to the release.

Mack pleaded guilty to applying $384,000 of those loans to expenses incurred by other properties and entities in which he and his family had an interest. He is expected to be sentenced within the next three months.

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