A New Hampshire man has been convicted of leading a scheme that defrauded more than a dozen financial lending institutions and several homebuyers of more than $2 million in connection with $12.5 million in mortgages loaned for the purchase of 26 multifamily properties in the Boston area, Attorney General Martha Coakley announced today.

During the time 31-year-old Joshua Brown led Boston Equity Investments (BEI), a criminal enterprise headquartered at Andrew Square in Boston, he and others misrepresented the overall nature of the real estate transactions that BEI handled to the lenders, as well as the financial background of the homebuyers. Brown collected $1.5 million of the fraudulently obtained money, which he used to pursue an extravagant lifestyle, according to Coakley’s office.

"The defendants in this case corrupted every aspect of the real estate industry for their personal financial gain and at the expense of lenders, homebuyers and communities in Boston, which were left with abandoned and foreclosed homes," Coakley said. "We are pleased that the jury has returned these convictions against the leader of this scheme. The prosecution of mortgage fraud is an important priority of this office, and we will continue to pursue instances of corruption in the real estate industry."

Following a three-week trial involving the testimony of more than 40 witnesses, a Suffolk Superior Court jury convicted Brown on charges of larceny over $250 (26 counts), making or publishing false or exaggerated statements (19 counts) and larceny by false pretences relating to contracts, banking transactions or credit (11 counts).

He is scheduled to be sentenced Nov. 10 by Judge Raymond Brassard.

Five co-defendants previously pleaded guilty in connection with their roles in this case. John Sweetland, of Yorba Linda, Calif.; Brian Arrington of Boston; Brian Frank of New Hartford, N.Y.; Linda Defeo of Springfield; and Bruce Namenson of Walpole have all pleaded guilty to similar charges.