Dec 4, 2014
Oct 30, 2014
Oct 2, 2014
Sep 25, 2014
NH man to be tried in $13 million mortgage fraud scheme
CONCORD — A man accused of running a mortgage scam that bilked dozens of people into believing they were saving their homes, while prosecutors allege he pocketed $13 million in loan proceeds, was to plead guilty Tuesday, but he changed his mind.
The case of Michael T. Prieto, charged with mail fraud and money laundering, was continued for trial July 23 in U.S. District Court after the plea did not take place, according to the clerk of court's office.
According to an indictment, from 2005 through 2008, Prieto convinced homeowners struggling with mortgage payments to pay him rent on their homes in exchange for their deeds. They had an option to buy back their home in two years.
Unknown to the homeowners, Prieto allegedly used straw purchasers to take out new mortgages totaling more than $13 million on the properties through his various companies located on Elm Street in downtown Manchester.
According to the indictment, Prieto pocketed much of the money and spent it on personal expenses including meals at restaurants and trips to Foxwoods Casino in Ledyard, Conn.
The former homeowners, now tenants, were led to believe loan payments were being made that would help them keep their homes, the indictment said, but Prieto began missing payments and then stopped paying them altogether, according to the indictments.
READER COMMENTS: 0
- Man arrested for failing to register as sex offender - 0
- Two Keene men charged with burglary and assault - 0
- Shooting victim's spouse's car being searched - 0
- Altercation leads to suspect fleeing, threatening police - 0
- Crash ends high-speed chase in Lyndeborough - 0
- Good Samaritan pins Manchester purse snatcher - 0
- High speed chase ends in crash in Lyndeborough - 2
- Two Manchester women arrested in separate shoplifting incidents in Hooksett - 3
- Maine police search car belonging to husband of Londonderry shooting victim - 0
READER COMMENTS: 0
- Pinkerton community excited about relationship with Google - 0
- OKC outguns Bonner, Spurs - 0
- Schaller sent back to minors - 0
- Mount Sunapee plan opponents want more hearings - 0
- Former Colonial Theatre finance director indicted - 0
- Circut Court Judge refuses to recuse himself from hearings - 0
- Pipeline push gets a second wind - 0
- Newbies welcome on NH slopes - 0
- Adding firefighters debated as curb to overtime - 0
Murder suspect fit for trial?
'Interview' buzz spreads to NH
Pipeline push gets a second wind
Schaller sent back to minors
- Whom do you think bears the brunt of the blame for the mayhem this weekend in Keene?
- KSC students
- KSC administration
- Visitors from out of town
- A combination of any/all of the above
- Total Votes: 2483