New York, NY – May 19, 2009 – (RealEstateRama) — LEV L. DASSIN, the Acting United States Attorney for the Southern District of New York, announced that DOMINICK DEVITO was sentenced to 51 months in prison today by United States District Judge BARBARA S. JONES in Manhattan federal court for mortgage fraud, insurance fraud and obstruction of justice.
According to Counts One, Thirteen and Fourteen of the Indictment, the charges to which DEVITO pleaded guilty; other documents filed in the case; and statements made during the guilty plea and sentencing proceedings:
From January 2002 through November 2004, DEVITO was the leader of a fraudulent real estate investment scheme that purchased multimillion-dollar residential properties in various communities in Westchester County — including Purchase, New York — with loans obtained through the submission of false and misleading information to banks and other lenders. DEVITO identified properties for sale, orchestrated the purchase of the properties, and performed construction work at the properties.
In addition, from January 2003 through February 2005, DEVITO engaged in a scheme to defraud insurance companies by submitting false and misleading insurance claims and supporting documents for water damage caused by broken pipes at several of the homes he and his co-conspirators had purchased as part of the mortgage fraud scheme.
DEVITO obstructed justice in connection with his sentencing in 2003 in Manhattan federal court for racketeering and mortgage fraud in an earlier case. Specifically, DEVITO submitted false and misleading information regarding the value of his assets and his personal net worth following his sale of a property located in Purchase, New York.
DEVITO, 45, pleaded guilty before Judge JONES on July 22, 2008. In addition to his 51-month prison term, Judge JONES ordered a supervised release of 3 years and ordered DEVITO to forfeit a total of $1.4 million.
DEVITO’s co-defendant JOHN LISCIO was sentenced on March 31, 2009, to 12 months in prison and three years of supervised release. LISCIO was also ordered to pay $50,000 in restitution. DEVITO’s other co-defendant, ROBERT DIDONATO, was sentenced on April 13, 2009, to 18 months in prison and three years of supervised release. DIDONATO was also ordered to pay $18,000 in restitution and to forfeit $112,000. The last remaining defendant, LOUIS CORDASCO, JR., is scheduled to be sentenced on May 27, 2009.
Mr. DASSIN praised the work of the Federal Bureau of Investigation in this case.
Assistant United States Attorney JONATHAN B. NEW is in charge of the prosecution.
United States Attorney’s Office
Southern District of New York
Contact: (212) 637-2600
- LEADER OF FORECLOSURE RESCUE SCHEME AND MORTGAGE BROKER PLEAD GUILTY TO MULTIMILLION DOLLAR FRAUD
MICHAEL J. GARCIA, the United States Attorney for the Southern District of New York, announced that MAURICE McDOWALL and ALEKSANDER LIPKIN, a/k/a “Alex,” pleaded guilty today in Manhattan federal court to participating in a wide-ranging home foreclosure rescue scheme, which defrauded homeowners who were facing foreclosure and banks and other lenders who made mortgage and [...]...
- BROOKLYN ATTORNEY CONVICTED IN MULTIMILLION-DOLLAR MORTGAGE FRAUD SCHEME
New York, NY - February 6, 2009 - (RealEstateRama) – LEV L. DASSIN, the Acting United States Attorney for the Southern District of New York, announced that attorney ALEXANDER KAPLAN was found guilty today of participating in a multimillion-dollar mortgage fraud scheme. KAPLAN was found guilty, after a two-week jury trial in Manhattan federal court, on all eighteen counts in...
- PRESIDENT OF REAL ESTATE INVESTMENT FIRM SENTENCED TO 135 MONTHS IN PRISON FOR $22 MILLION FRAUD SCHEME
New York, NY – August 7, 2008 – (RealEstateRama) — MICHAEL J. GARCIA, the United States Attorney for the Southern District of New York, announced that WILSON JAMES BASTON, JR. was sentenced today by the Honorable HAROLD BAER, JR., to 135 months in prison. BASTON previously pleaded guilty in March 2008 to seventeen counts of [...]...
- LEADER OF FORECLOSURE RESCUE SCHEME SENTENCED TO 10 YEARS IN PRISON
New York, NY – October 6, 2008 – (RealEstateRama) — MICHAEL J. GARCIA, the United States Attorney for the Southern District of New York, announced that MAURICE McDOWALL was sentenced yesterday by United States District Judge ROBERT P. PATTERSON to ten years in prison for his participation in a wide-ranging home foreclosure rescue scheme, which [...]...
- THREE PLEAD GUILTY IN MULTIMILLION DOLLAR MORTGAGE FRAUD SCHEME
New York, NY – October 11, 2008 – (RealEstateRama) — MICHAEL J. GARCIA, the United States Attorney for the Southern District of New York, announced that GARRI ZHIGUN and his mother GALINA ZHIGUN, operators of mortgage brokerage firm AGA Capital NY, Inc. (“AGA Capital”), and MARYANN FURMAN, an employee of AGA Capital, pleaded guilty today [...]...
- At Gillibrand & Schumer’s Urging, Feds Lift Restrictions for Hundreds of Sandy Homeowners Currently Disqualified for Disaster Aid
- House passes crucial job training legislation
- Tonko Statement on Housing for Undocumented Children
- Governor Cuomo Announces $14 Million in Awards for Affordable Housing
- Governor Cuomo Deploys DFS Mobile Command Center to Branchport to Help Finger Lakes Area Flood Victims
- EPA Settlement with Rochester Area Home Builder Protects Area Waterways; Developer Agrees to Construct Project to Reduce Polluted Stormwater Discharges
- NYCOM Conference, Ribbon Cuttings and Equity Fund Forum Highlight Trip to Finger Lakes Region
- CKX Declares December 31st Record Date for Dividend of FX Real Estate and Entertainment Shares
- Jones Lang LaSalle Hires Seasoned Industrial Real Estate Professionals to Strengthen Client Services in Long Island
- First Affordable Housing Development in Brooklyn with Solar Panels
- “Green” Forum Highlights 545 Madison Avenue as Showcase of Sustainability
- New York State Senate Confirms Bill Myers to the Board of the State of New York Mortgage Agency
- New York State home sales continue to post gains compared to 2009
- Gillibrand Introduces Solar Energy Legislation
- HDC Board Approves $55.5 Million in Tax-Exempt Multi-family Housing Revenue Bonds
- Diversity Works’ Unique Model Combines Permanent Supportive Housing and Family Preservation Services