A Wakefield man plead guilty last week in federal court in Boston in connection with a decade-long mortgage fraud scheme involving at least two dozen fraudulent loan transactions and $4.3 million in losses to lenders.

Joseph Bates III, 38, of Wakefield, plead guilty to one count of conspiracy, three counts of wire fraud affecting a financial institution and two counts of bank fraud.

One of Bates’ alleged co-conspirators, George Kritopoulos, 46, of Salem, was indicted on related charges in September, and another participant, David Plunkett, 52, of Lynn, was also charged.

Bates and others allegedly engaged in a scheme to defraud banks and other financial institutions by causing false information to be submitted to those institutions on behalf of borrowers – people recruited to purchase properties – located primarily in Salem, between 2006 and 2015.

The properties were usually multifamily buildings with two to four units, which the co-conspirators then converted into condominiums. The co-conspirators recruited other borrowers to purchase the individual condominium units, which were also financed by fraudulent mortgage loans.

The false information submitted to lenders included, among other things, representations concerning the borrowers’ employment, income, assets and intent to occupy the property. Specifically, the false employment information included representations that borrowers were employed by shell companies used to advance the fraudulent scheme.

The employment information included false representations about the income that the borrowers received from the entities. The income asserted on the borrowers’ loan applications substantially overstated their true income.

The false information also included representations that the recruited borrowers intended to live in the properties that they were purchasing, when the borrowers did not intend to do so. Plunkett allegedly assisted the scheme by preparing tax returns for some of the borrowers that contained false and inflated income. Some of those tax returns were submitted to lenders in support of the fraudulent loan applications.

Because the borrowers did not have the financial ability to repay the loans, in many instances they defaulted on their loan payments, resulting in foreclosures and losses to the financial institutions of more than $4.3 million.

A sentencing date has not yet been scheduled.