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
No related posts.
- Statement From A.G. Schneiderman Regarding The National Mortgage Settlement Monitor’s Finding That Wells Fargo Failed To Comply With Timeline Servicing Standards
- HPD Commissioner Wambua Continues Preference For Displaced Sandy Victims At Harlem River Point South, A New Affordable Housing Development
- NYCHA Launches First-Ever Large-Scale Urban Farm on NYCHA Property
- SCHUMER: OVER 40 PERCENT OF DUTCHESS COUNTY’S 20,000 VETS DON’T UTILIZE PROPERTY TAX BENEFITS AVAILABLE TO THEM– FEDS FAIL TO LET LOCALITIES KNOW VETS ARE RETURNING HOME & THEN VETS CAN’T BE NOTIFIED OF POTENTIAL TAX BREAKS
- STATEMENT OF MAYOR MICHAEL R. BLOOMBERG ON PASSAGE OF THE CITY’S LEGISLATION TO REFORM NEW YORK CITY HOUSING AUTHORITY’S BOARD
- 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