Dec 4, 2014
Oct 30, 2014
Oct 2, 2014
Sep 25, 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: 1
- Maine police search car belonging to husband of Londonderry shooting victim - 0
- Man arrested after chase, threatening to shoot police in Bow - 0
- Good Samaritan pins Manchester purse snatcher - 0
- Police look for Laconia sub shop robber - 0
- Claremont man indicted on two charges of arson - 0
- Police hunt pair they believe attacked couple at Rochester motel - 0
- Phone evidence likely allowed in Hampstead home invasion trial - 0
- Grand jury indicts one of three men accused in murder of Madbury teen - 0
- Piano teacher wants statement tossed before sex assault trial - 1
READER COMMENTS: 0
- Homeless man who saved woman from river: 'I don't consider myself a hero' - 9
- High School Basketball: Rivalries renewed in QCIBT - 0
- Dave D'Onofrio's Patriots Notebook: Will they get everything on their list? - 0
- Tuohy brothers add new restaurant in familiar spot - 0
- New Horizons volunteers deliver groceries and good cheer, making Christmas special - 0
- Charles Arlinghaus: The fiscal mismanagement in Washington is a choice - 25
- 'Yes, Virginia, there is a Santa Claus' - 0
Londonderry schools placed on lockdown after soldier's unplanned visit to high school causes alarm
Police say woman tried to steal 15 iPads
- Whom do you think bears the brunt of the blame for the mayhem this weekend in Keene?
- KSC students
- KSC administration
- Visitors from out of town
- A combination of any/all of the above
- Total Votes: 2483