A former bank manager has been sentenced to prison for his role in a massive mortgage fraud scheme in Dorchester, Massachusetts.
Arthur Samuels, 41, of Mattapan, was sentenced by U.S. District Court Senior Judge Mark L. Wolf to one year and one day in prison, two years of supervised release, and was ordered to pay restitution of $2,229,492.
Samuels pleaded guilty in 2012 to four counts of wire fraud and one count of bank fraud.
The scheme, which took place from 2007 to 2008, involved Samuels and others purchasing multi-family residences and then selling individual condominium units to straw buyers.
Samuels created bogus bank deposits to obtain mortgage loans for some of the straw buyers, and recruited a straw buyer for the purchase of two condominiums and acted as a straw buyer himself on three properties.
Samuels’s co-conspirators, Michael David Scott, Jerold Fowler, and Thursa Raetz, were also sentenced in connection with the scheme.
Scott was sentenced to 135 months in prison, and Fowler and Raetz were sentenced to two years in prison.
The case was prosecuted by Assistant U.S. Attorneys Victor A. Wild and Ryan M. DiSantis.
Samuels’s sentence is a result of his role in the scheme, which caused significant financial harm to victims and damaged the integrity of the mortgage lending process.
Related Federal Cases
- Luciano Schipelliti, Wire Fraud, Massachusetts 2021 · Mississippi
- Luciano Schipelliti, Wire Fraud, Massachusetts 2023 · Ohio
- Viviane Cazeau, Bank Fraud Scheme, Massachusetts, 2023 · Florida
- Daniel Thibeault, Securities Fraud, Massachusetts 2023 · Washington
- James Dunham, Mail and Wire Fraud, Massachusetts 2023 · Washington
Key Facts
- State: Massachusetts
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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