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Patrick Lee, Mortgage Fraud, Massachusetts 2019
BOSTON – A notorious mortgage fraud scheme has come to an end with the guilty plea of a dual U.S.-Irish citizen in federal court yesterday.
Patrick Lee, 45, formerly of Canton and Easton, pleaded guilty to wire fraud and making an unlawful monetary transaction. The charges stem from a multi-year mortgage fraud scheme that left several mortgage lenders with losses of more than $1.5 million.
Lee was extradited from Ireland to the United States last year to face the charges. This marks Ireland’s first extradition to the United States since 2012.
According to the government, Lee engaged in a scheme with others between July 2005 and May 2007. The scheme involved buying multi-family buildings in Dorchester and South Boston, financing the purchases with fraudulently obtained mortgage loans, and quickly converting the buildings to condominiums.
The properties were then resold to straw buyers, who were recruited for this purpose and assured they would not have to put any money down or pay the mortgages. In return, they would get a fee at closing and/or a share of the profits when the properties were sold.
Prosecutors say mortgage lenders suffered losses of more than $1.5 million as a result of the scheme. Lee faces a sentence of no greater than 20 years in prison, three years of supervised release, and a fine of $250,000 or twice the gross gain or loss, whichever is greater.
The case was announced by United States Attorney Andrew E. Lelling; Kristina O’Connell, Special Agent in Charge of the Internal Revenue Service’s Criminal Investigations in Boston; and Stephen A. Marks, Special Agent in Charge of the U.S. Secret Service, Boston Field Office.
Assistant U.S. Attorneys Sandra S. Bower and Christine Wichers of Lelling’s Criminal Division are prosecuting the case. Chief U.S. District Judge Patti B. Saris scheduled sentencing for February 28, 2019.
Key Facts
- State: Massachusetts
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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