Real estate investor gets 7 years in $15M mortgage fraud scheme

NEWARK, N.J. (AP) — A northern New Jersey man who orchestrated a real estate investment Ponzi scheme that took in more than $50 million from 200 victims has been sentenced to nine years in prison. David Connolly of Watchung was also ordered Tuesday to pay more than $18.7 million in restitution and forfeit $9,920,000.

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Over the last few years, the Cambridge Centre for Alternative Finance has re-. growing demand from consumers, businesses and institutional investors, led to. to regulate the industry without suppressing innovation. HITTING STRIDE. 7.. ” Fraud' and “notable increase in.. or subordinated-debt financing for real estate.

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Las vegas real estate agent gets 5 years in mortgage fraud scheme Steve Marcus An aerial view of a neighborhood in the southwest part of the Las Vegas Valley taken from a helicopter May 21, 2012.

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A Lancaster County man has been sentenced to 37 months in federal prison and ordered to pay $1.65 million to Amish and Mennonite victims he defrauded in an investment scheme. "These were not business.

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Powell, 53, of Hamilton, was sentenced in United States District Court today to 121 months in prison followed by three years. investors, a type of fraud known as a Ponzi scheme. In addition to the.

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Seven guilty in Sacramento mortgage fraud scheme Two Sacramento, Calif., defendants were found guilty of wire fraud stemming from a fraudulent real estate company that targeted members of Sacramento’s Latino community, according to the U.S. Attorney’s Office.

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The Goldman, Scarlato & Penny law firm represents investors who lose money as a result of investment-related fraud or misconduct and are currently investigating McKinley Mortgage Co. LLC’s alleged real estate scheme. The firm takes most cases of this type on a contingency fee basis and advance the case costs, and only gets paid for their fees.