A Connecticut actual property agent has been sentenced to jail for his function in a multi-year scheme through which he fraudulently carried out quick gross sales, based on the Division of Justice (DOJ).
Officers stated 46-year-old James Macchio, of Glastonbury, served because the supervisor of an actual property company. He’s accused of defrauding his purchasers by conducting faux quick gross sales of presidency and bank-owned properties.
Macchio was sentenced to 42 months in jail and two years of supervised launch throughout a courtroom look in Boston Thursday.
He has been ordered to forfeit over $621,000 and pay greater than $2.5 million in restitution, the DOJ stated.
Officers stated Macchio and one other actual property agent used straw consumers to accumulate properties owned by banks, federal businesses, chapter trustees and different mortgage holders.
The scheme included a shell firm arrange by a co-conspirator, posing as a building firm. Macchio hid his id as a purchaser of quick sale properties. He additionally minimized sale costs as a way to enhance achieve by flipping these properties, authorities stated.
The DOJ stated Macchio and others submitted faux renovation bids from contractors to their purchasers. As soon as their purchasers accepted a faux bid, they’d rent completely different contractors at a a lot decrease price, pocketing the distinction.
Macchio can also be accused of fraudulently acquiring a pandemic aid mortgage.
Certainly one of Macchio’s co-conspirators, Sheldon Haag, was sentenced to a 12 months in jail in October.
