Apr 10, 2014
Apr 3, 2014
Mar 12, 2014
Mar 5, 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
- A Derry man pleads innocent to falsely claiming a master electrician license - 0
- Londonderry man accused of threatening, sexually assaulting two girls - 1
- Hollis police say stun gun needed on ‘unruly’ man - 0
- AG agrees man who killed woman, 70, in Littleton hotel was insane at time - 1
- Police accuse man of trying to sell guitars, amps taken in Manchester burglary - 0
- Mother and child startled by late-night intruder in their Manchester living room - 0
- Hollis police use stun gun on man described as unruly - 1
- Rochester man arrested after crash in Somersworth - 0
- Dover man accused of trying to sexually assault a girl - 0
READER COMMENTS: 3
- Tuition to go down 5 percent at community colleges - 0
- Colebrook almost became an island Tuesday night - 0
- Nashua man arrested on domestic violence charges - 0
- I-93 northbound in Londonderry open again after crash - 0
- State Supreme Court hearing arguments in education tax credit case - 0
- NHIAA Boys' Track Preview: Jenkins paces defending champ North - 0
- NHIAA Girls' Track Preview: McCabe, Parker lead way - 0
- Manchester DPW chief says up to 20 layoffs possible with proposed budget - 8
- Ian Clark's On Hockey: O’Neill’s injury leaves offensive void - 0
Manchester settles with federal civil rights agency over minority students in advanced courses
Lawmakers fight to find Medicaid fix
Taxes and spending: Washington vs. NH
Texting while stopped: Banning safe behavior
Manchester mayor: 'It's the tax cap budget'
- Mass. Supreme Judicial Court has found upskirt photos taken on a subway aren't illegal. Should such voyeurism be a crime?
- Total Votes: 917