BOSTON – Former Pepperell resident Cyril Gordon Lunn, 68, made a grim confession in U.S. District Court in Worcester today when he pleaded guilty to concealing $3-$4 million in his bankruptcy filings.
Lunn, who owned CY Realty Corporation from 1985 until 2001, transferred a fortune in cash and assets to Canada between 1998 and September 2001. He filed for bankruptcy in the fall of 2001, but failed to disclose these asset transfers. His deception was exposed during a Canadian civil lawsuit in 2004, leading to his flight to Canada on a rented snowmobile.
Lunn remained a fugitive until his extradition from Canada in 2016. Today’s plea deal includes charges for concealing assets and making a false statement under perjury regarding safe deposit boxes. Sentencing is set for May 3, 2017.
The former real estate magnate also admitted to falsely stating that he had closed all safe deposit boxes by September 2001, when in fact, he continued to access one at Granite Bank in New Hampshire after the bankruptcy filing.
Under federal law, Lunn faces a maximum of five years in prison, three years of supervised release, and a fine up to $250,000 or twice the gross gain. Sentencing will be determined by a federal district court judge according to U.S. Sentencing Guidelines and other factors.
The case was announced by Acting United States Attorney William D. Weinreb and Harold H. Shaw, Special Agent in Charge of the FBI Boston Field Division, with Assistant U.S. Attorney Mark J. Balthazard handling the prosecution.
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Key Facts
- State: Massachusetts
- Agency: DOJ USAO
- Category: Fraud & Financial Crimes
- Source: Official Source ↗
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