Indictment trifecta

Poor, poor Pat Quinlan. It seems that the Grosse Pointe Farms resident might have to exchange his privileged suburban life for a starker setting. The former CEO of the defunct MCA Financial Corp. was indicted by a federal grand jury in Detroit last week for allegedly defrauding investors and lenders of about $250 million. On the plus side, Quinlan could have some of his cronies as cellmates. Lee Wells and John O’Leary, former MCA president and senior vice president, respectively, also were named in the 20-count indictment, which includes charges of bank, wire and mail fraud, as well as conspiracy and making false statements to the U.S. Securities and Exchange Commission.

Attorneys Neil Fink and Mark Kriger, who represent Quinlan and O’Leary, respectively, say that their clients are innocent and will fight the charges in court; Wells’ attorney could not be reached for comment.

MCA Financial Corp., a mortgage company that operated in Michigan and other states, owned about 3,800 rental properties in Detroit and Highland Park; the company went belly up in 1999.

If convicted, the trio faces the possibility of doing some serious time behind bars. The conspiracy count and each count of mail fraud and scamming the SEC carry a maximum penalty of five years in prison and a $250,000 fine. Each count of wire fraud and bank fraud carries a maximum penalty of 30 years in prison and a $1 million fine.

A trial date has not been set. News Hits is attempting to make reservations for front-row seats. It should be quite the show. Ann Mullen is a Metro Times staff writer. E-mail her at [email protected]