Jonathan Googel was granted a real estate license in December 2004, five years after his release from prision, and has since been working for Norman Ltd. Realty in Watertown, Connecticut.
Googel and business partner Benjamin Sisti built up a $2 billion real estate empire. Their company, Colonial collapsed in 1990, costing over 6,000 investors more than $300 million due to fraud coupled with the downturn in the real estate market. Twelve people were convicted in the scandal and Googel was sentenced to seven years in prison in exchange for his cooperation with the FBI.
The Real Estate Commission placed several conditions on Googel's license. He must work for a sponsoring broker, can't apply for a broker's license and is prohibited from participating in real estate syndications or limited partnerships.
Rachel Dollar, the editor of Mortgage Fraud Blog is an attorney and Certified Mortgage Banker who handles litigation for lending institutions and secondary market investors.