Loreetta Seneca, Real Estate Investment Scheme, Connecticut 2008

A Florida woman has been sentenced to 27 months in prison for her role in a real estate investment scheme that defrauded lenders and individuals, the Grimy Times has learned.

Loreetta Seneca, 51, of Boynton Beach, Fla., was sentenced by U.S. District Judge Robert N. Chatigny in Hartford to 27 months of imprisonment, followed by three years of supervised release, for her role in the scheme.

Seneca was also ordered to serve the first six months of supervised release in home confinement, and to perform 120 hours of community service.

According to court documents and statements made in court, between approximately November 2006 and December 2007, Robert Rivernider, Robert Ponte, and Seneca engaged in a real estate investment conspiracy that defrauded both lenders and individuals they recruited. Rivernider is Seneca’s brother.

The scheme involved at least 100 properties, and the victim lending institutions suffered more than $21 million in losses. Seneca pleaded guilty to one count of conspiracy and one count of wire fraud.

Rivernider and Ponte pleaded guilty to multiple charges stemming from both this scheme and a separate scheme that defrauded investors out of approximately $2.2 million. They are currently serving prison terms of 144 months and 90 months, respectively.

Seneca was ordered to pay restitution in the amount of $5 million, and the government is seeking an order of full restitution against Rivernider and Ponte.

This matter was investigated by the Federal Bureau of Investigation and the Internal Revenue Service – Criminal Investigation. The case is being prosecuted by Assistant U.S. Attorneys John H. Durham and Christopher W. Schmeisser.

U.S. Attorney Deirdre M. Daly announced the sentence today. Contact Tom Carson at (203) 821-3722 or thomas.carson@usdoj.gov for more information.

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