Archives For Real Estate Broker

Michael David Scott, former real estate broker, 51, of Mansfield, Massachusetts, pleaded guilty to one count of wire fraud in connection a scheme to defraud a couple of the deposit they paid to purchase three properties in Randolph, Roxbury and Jamaica Plain, Massachusetts.

From February 2011 to October 2013, Scott fraudulently persuaded a couple to sign three Purchase & Sale Agreements to buy properties in Randolph, Roxbury and Jamaica Plain.  The couple deposited $199,000 with Scott under the false promise that their funds would be held in escrow.  However, Scott immediately spent the funds for his own use.   Furthermore, Scott knew that the first property was taken off the market by the sellers, that the bank holding the mortgage had refused to approve the sale of the second property, and that he had sold the third property to someone else.  Scott never informed the couple about the status of the properties, and when they tried to get a refund of their deposits, he falsely assured them their deals were still pending and refused to return their deposits.      Continue Reading…

George Dravilas, real estate broker, 37, Medinah, Illinois, was sentenced to 16 months in federal prison for his role in a mortgage fraud scheme involving a pair of Chicago apartment buildings.  Dravilas pled guilty in February to one count of bank fraud.  In addition to the prison term, U.S. District Judge Gary Feinerman ordered Dravilas to pay $463,110 in restitution.  Dravilas will begin serving his sentence no later than Sept. 21, 2015. Continue Reading…