Former Jackson Lawyer Indicted for Bank Fraud

Clay McCormack, 49, of Jackson, was indicted Monday for his alleged role in a financial scheme. The indictment charged McCormack, an attorney with the Jackson law firm of Teel, McCormack & Maroney, with fraudulently obtaining loan proceeds from federally insured mortgage lenders. The U.S. Attorney announced the charge, saying McCormack teamed up with local real estate investor James Lee Bishop to act as his closing agent. According to an article in the Jackson Sun, McCormack certified that lenders were paid off via check after the closing, but would then void the checks and within days reissue them to Bishop, who in turn passed off the funds as having come from investors. McCormack also faces charges that he made false statements by creating false documentation and submitting it to the banks.