Scott J. Wolas, Wire Fraud, Massachusetts 2017

Florida – In a shocking turn of events, Scott J. Wolas, a 67-year-old man with a history of deception, has been arrested in Delray Beach, Florida for his alleged role in a $1.5 million real estate investment scheme in Quincy, Massachusetts. The scheme, which spanned from 2009 to 2016, promised investors a significant return on their investments, but instead, Wolas allegedly used the funds for his personal expenses.

Wolas, who also went by the names Eugene J. Grathwohl, Allen L. Hengst, Drew Prescott, Frank Amolsch, Endicott Asquith, and Cameron Sturge, was charged by criminal complaint with wire fraud and aggravated identity theft. He made his initial appearance in the U.S. District Court in the Southern District of Florida on Friday, April 7, 2017.

According to court documents, Wolas operated a real estate business known as Increasing Fortune, Inc. and worked as a licensed real estate agent for Century 21 in Quincy. He solicited investments for the development of the Beachcomber Bar property located at 797 Quincy Shore Drive and for the construction of a single-family home on the adjacent property.

Wolas collected over $1.5 million from at least 19 investors, promising each of them a significant return on their investments. However, he allegedly used the funds for his personal expenses, leaving the investors with significant financial losses.

The bank account into which Wolas deposited investor funds has been drained, and it is believed that he used the money for his personal expenses. The real estate projects he promised to develop were never completed.

Wolas was a fugitive for 20 years after being charged with fraud and grand larceny in New York in 1997. He is expected to return to Massachusetts at a later date to appear in federal court in Boston.

The charge of wire fraud provides for a sentence of no greater than 20 years in prison, three years of supervised release, and a fine of up to $250,000 or twice the gross gain or loss. Aggravated identity theft carries a minimum term of two years’ imprisonment, which must be served consecutively to any term for the wire fraud, one year of supervised release, and a fine of up to $250,000.

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