Feasterville Mortgage Agent Charged In $3M Fraud Scheme

A Bucks County mortgage agent has been charged in a $3 million fraud scheme, United States Attorney Zane David Memeger announced Thursday.

Alfred Drechsel, 47, an owner of Lenders Edge Settlement Services, LLC in Feasterville, has been charged in connection with a scheme that defrauded borrowers and title insurance companies, Memeger said.

Drechsel, who was responsible for making the loan disbursements, diverted settlement funds into various bank accounts and used the proceeds to pay off other unrelated mortgages and for personal expenditures, Memeger said.

According to authorities, the total amount of mortgages that Drechsel failed to pay off as required by the settlement statements was approximately $2,919,186.

If convicted, the defendant faces a statutory maximum sentence of 20 years in prison, restitution, a period of supervised release, a $100 special assessment, and a possible fine, Memeger said.

The case was investigated by the FBI and is being prosecuted by Assistant United States Attorney Jennifer Barry.