SCRANTON, PA – Ignacio Beato, 46, of Hazleton, Pennsylvania, is facing serious time after pleading guilty today to conspiracy to engage in monetary transactions through a financial institution with funds derived from wire fraud. The guilty plea was entered before United States District Judge James M. Munley. Beato, a formerly licensed realtor, orchestrated a scheme that bilked unsuspecting buyers out of $751,082.
According to U.S. Attorney Bruce D. Brandler, Beato falsely claimed authority to sell vacant conventional and FHA-insured mortgaged properties in Hazleton between December 2013 and March 2015. He took money from individuals believing they were legitimately purchasing homes, but he lacked any legal right to do so. This wasn’t a case of bad business; it was a calculated theft.
The scheme involved accepting funds – a total of $751,082 – and then simply pocketing the cash. Beato didn’t deliver titles, didn’t arrange transfers, and left his victims holding the bag. The money was fraudulently converted for his personal use, leaving a trail of financial ruin in his wake. The investigation exposed a blatant disregard for the law and a cynical exploitation of potential homebuyers.
A multi-agency task force brought Beato down. The Internal Revenue Service, the Housing and Urban Development Office of the Inspector General, the Department of Homeland Security, the Pennsylvania State Police, and the Luzerne County District Attorney’s Office all contributed to the investigation. Assistant U.S. Attorney Jenny P. Roberts is leading the prosecution, determined to see justice served.
Beato is scheduled to be sentenced on August 31, 2017. He could face up to 10 years in federal prison, along with a term of supervised release and a hefty fine. However, the ultimate sentence will be determined by Judge Munley, who will consider federal sentencing guidelines and various factors related to Beato’s history and the severity of the crime.
While the statutory maximum is 10 years, sentencing isn’t a simple equation. The Judge will weigh the nature of the offense, Beato’s background, and the need for both punishment and potential rehabilitation. Grimy Times will continue to follow this case and report on the final sentencing. This is another example of how greed can drive individuals to commit serious crimes, leaving a trail of victims in their wake.
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Key Facts
- State: Pennsylvania
- Agency: DOJ USAO
- Category: White Collar Crime
- Source: Official Source ↗
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