Sep 4, 2014
Aug 28, 2014
Aug 21, 2014
Aug 14, 2014
Manchester man who defrauded banks in mortgage foreclosure scheme gets 6 years
At times tearful, Michael Prieto told a federal judge that his wife had divorced him and moved away with their two children, his mother has mortgaged the family home to pay his legal bills, and he has nothing.
Last year, a jury convicted Prieto of mail fraud. His companies convinced homeowners facing foreclosure to sign over their deeds with the expectation they could stay in their house for reduced rent, get their finances in order and buy back the house.
“The market was very hot. Most of the lending institutions pretty much threw caution to the wind,” Iacopino said about the 2000s, when the scheme was at its height.
But Iacopino said the figure was much less. Using another calculation, Iacopino put the losses at $2.37 million. District Court Judge Steven McAuliffe based restitution on that number, and left it open for further revision.
“You knew what you were doing,” McAuliffe said. He said others were injured who won’t benefit from restitution. The straw buyers ended up with ruined credit. And homeowners lost an opportunity to reclaim their homes.
Prieto, who plans to appeal the verdict, will have to pay restitution at the rate of $200 a month once he is freed from prison. He was ordered to report to federal prison on April 5, but he could be granted his freedom while the case is on appeal.
READER COMMENTS: 0
- Pair accused in Hampstead home invasion also face witness tampering charges - 0
- Gunman hits Circle K convenience store in Durham - 0
- Widow of chiropractor killed this summer says fatal shooting was no accident - 0
- Man claims rights were violated during investigation - 0
- DWI license revocations - 0
- Salem man arrested for alleged bathroom videotaping - 0
- OHRV trail official hopes arrest will deter others - 0
- One arrested in fight near Manchester Super 8 - 0
- Alleged home invasion accomplice says his testimony was coerced - 0
READER COMMENTS: 0
- Nashua man charged in domestic knife threat - 0
- Suicide car bomber kills 3 foreign troops in Afghan capital; Taliban claims responsibility - 0
- City officials to review proposed 'spice' ban - 0
- Manchester's Delana Curtis is left out in the cold - 0
- Another View -- Sharon Day: The Democrats' claim to be the party for women is just not believable - 9
- Dave D'Onofrio's Patriots Notebook: Brady a realist - 0
- Burning rubber: And public dollars - 0
- Obama to announce ramped-up efforts to beat Ebola - 0
- Quake strikes northeast of Tokyo, no reports of serious damage - 0
DWI license revocations
Mexican man pleads guilty in international conspiracy to traffic hundreds of pounds of cocaine
Another View -- Sharon Day: The Democrats' claim to be the party for women is just not believable
Seabrook mom pleads not guilty by reason of insanity to attempted murder of her two children
Alleged accomplice in brutal Bedford home invasion, attack on doctor and wife, says his testimony was coerced
Man accused of raping 13-year old in Nashua
- Mass. Supreme Judicial Court has found upskirt photos taken on a subway aren't illegal. Should such voyeurism be a crime?
- Total Votes: 917