BOSTON – In a stunning revelation of financial deceit, Gary P. DeCicco, 65, of Nahant, and Pamela M. Avedisian, 61, from Winthrop, have each entered guilty pleas in federal court for conspiring to commit wire fraud and defraud the United States.
DeCicco and Avedisian were indicted by a federal grand jury in January 2018, with their sentencing dates set for September 2024. The duo’s fraudulent schemes spanned from April 2012 until February 2013, when they concealed assets worth over $340,000 from the IRS.
DeCicco, claiming he had little to no assets, actually owned several businesses and properties under his name and Avedisian’s. He continued this deception by purchasing and selling high-end cars and real estate, all while maintaining a monthly payment plan with the IRS based on false information.
Compounding their crime was the elaborate scheme to defraud a mortgage holder in Nahant. DeCicco and Avedisian proposed a “short sale” of her property for far less than its outstanding mortgage, falsely claiming financial distress. However, just months before the deal closed, Avedisian had received $3.5 million from another asset sale to DeCicco.
Both face up to five years in prison, three years of supervised release, and a fine of $250,000 per charge. The case is being prosecuted by Assistant U.S. Attorneys Kristina E. Barclay and Neil J. Gallagher, Jr., from the Public Corruption & Special Prosecutions Unit.
The investigation was led by Acting United States Attorney Joshua S. Levy; Jodi Cohen, FBI Boston Division; and Harry Chavis, Jr., IRS Criminal Investigation Boston Field Office. Sentencing will be determined by a federal district court judge in accordance with U.S. Sentencing Guidelines.
RELATED: Nahant Woman and Winthrop Man Conspire to Commit $340k Tax Evasion Scam
Related Federal Cases
- Nahant Extortionist DeCicco Facing Federal Charges · Massachusetts
- Methuen Lawyer Pleads Guilty in Fraudulent Short Sales Scheme · Massachusetts
- Massachusetts Fisherman Pleads Guilty to Fraudulent Fishing Scheme · Massachusetts
- Nahant Man Indicted for Paying Hit on Business Owner · Massachusetts
- Lawrence Man Pleads Guilty to Fraudulent Access at Portsmouth Naval Shipyard · Massachusetts
Key Facts
- State: Massachusetts
- Agency: DOJ USAO
- Category: Fraud & Financial Crimes|Public Corruption
- Source: Official Source ↗
🔒 Get the grimiest stories delivered weekly. Subscribe free →
Browse More
MORE FEDERAL CRIME NEWS
US NewsUS NewsUS NewsUS News