Matthew C. Browndorf, a 54-year-old attorney from Irvine, California, has been sentenced to over five years in federal prison for his involvement in wire fraud and money laundering. The sentence was handed down by U.S. District Judge Lydia K. Griggsby in Greenbelt, Maryland.
The announcement of the sentencing was made by Kelly O. Hayes, U.S. Attorney for the District of Maryland, alongside Special Agent in Charge William J. DelBagno of the FBI Baltimore Field Office and Special Agent in Charge Edwin Bonano from the Federal Housing Finance Agency's Office Inspector General.
Browndorf, who was licensed to practice law in New York, Pennsylvania, and New Jersey, held a significant position as a named partner at a law firm and was also the majority owner and CEO of Plutos Sama, LLC. This company functioned as a holding entity for his various business ventures.
Plutos Sama acquired the Fisher Law Group under Browndorf's management and subsequently renamed it BP Fisher. This organization provided representation for lending and loan servicing clients involved in foreclosure proceedings. BP Fisher had agreements with its clients to manage foreclosure processes, deduct expenses, and return any remaining funds.
BP Fisher maintained an Interest on Lawyer’s Trust Account (IOLTA) along with an operating account under Browndorf's supervision. These accounts were intended to hold client or third-party funds temporarily until they could be distributed appropriately.
However, Browndorf misled clients into believing they had immediate access to their funds within BP Fisher's IOLTA accounts while he directed employees to transfer these funds into accounts controlled by him or Plutos Sama. This fraudulent activity resulted in losses exceeding $2.4 million for BP Fisher’s clients. The misappropriated funds were used by Browndorf for personal expenses such as credit card bills and luxury car leases.
U.S. Attorney Hayes praised the efforts of the FBI and FHFA-OIG during this investigation and extended gratitude to Assistant U.S. Attorneys Christopher Sarma, Joshua Rosenthal, and Matthew Phelps for prosecuting the case.
For further details about the Maryland U.S. Attorney’s Office or available community resources, visit www.justice.gov/usao-md or https://www.justice.gov/usao-md/community-outreach.