Joseph 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.