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Second Man Gets Prison for Decade-Long Mortgage Scam

Friday, Feb 10 2023
Originating
Written by  The Mortgage Leader

A mortgage fraud scheme that went on for nearly a decade has landed a second person in federal prison. So reports The Salem News.

prison icon 2071965 640 small 280x186Joseph Bates III of Wakefield, Mass. was sentenced to 18 months, plus $2.2 million in restitution and a forfeiture of $700,000, after pleading guilty in 2018 to conspiracy, wire fraud and bank fraud.

The alleged ringleader of the scheme, real estate developer George Kritopoulos of Salem, Mass., got a four-year prison sentence last fall. The scheme involved flipping older multifamily homes into condos.

Read the full article from The Salem News.

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