BOSTON — A 52-year-old man from Milton has been arrested and charged with wire fraud in a real estate investment scheme that allegedly defrauded investors of millions of dollars.
Daniel J. Flynn, III, was charged in U.S. District Court in Boston with wire fraud, a crime that carries a sentence of no greater than 20 years in prison, three years of supervised release, and a fine of up to $250,000.
According to a criminal complaint, Flynn created fraudulent promissory notes worth millions of dollars and represented them to investors as legitimate debts owed to his real estate investment fund.
Flynn allegedly induced investors to loan him money to purchase specific pieces of property, some of which he already owned.
Once investors uncovered Flynn’s fraudulent activities, he changed the name of his business and created similar entities through the names of third parties in an effort to conceal his actions.
The case is being prosecuted by Assistant U.S. Attorney Neil J. Gallagher, Jr. of U.S. Attorney Carmen M. Ortiz’s Economic Crimes Unit.
The details contained in the criminal complaint are allegations, and Flynn is presumed to be innocent unless and until proven guilty beyond a reasonable doubt in the court of law.
Flynn’s real estate investment scheme began in at least 2007 and allegedly defrauded investors of millions of dollars.
The investigation was led by the Federal Bureau of Investigation, Boston Field Division, with assistance from other agencies.
Related Federal Cases
- Luciano Schipelliti, Wire Fraud, Massachusetts 2021 · Mississippi
- Luciano Schipelliti, Wire Fraud, Massachusetts 2023 · Ohio
- Daniel Thibeault, Securities Fraud, Massachusetts 2023 · Washington
- James Dunham, Mail and Wire Fraud, Massachusetts 2023 · Washington
- Katelin Garland, Wire Fraud, Massachusetts 2017 · Massachusetts
Key Facts
- State: Massachusetts
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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