David Saks: MAN SENTENCED TO 12.5 YEARS IN PRISON FOR REAL ESTATE PROPERTY FRAUD

David Saks - Real Estate Broker - The Real Estate Mart of Tennessee, Inc. - 4040 North Watkins-Suite #4 - Memphis, Tennessee 38127 - Phone (901) 357-4663

MAN SENTENCED TO 12.5 YEARS IN PRISON FOR REAL ESTATE PROPERTY FRAUD

New York Man Sentenced for Cape Cod Property Fraud Scheme

U.S. Attorney’s Office January 29, 2013
  • District of Massachusetts (617) 748-3100
 

BOSTON—A New York man was sentenced today in connection with a scheme to defraud a Massachusetts man of his Hyannis waterfront property.

Michael Howard Clott, aka Michael Howard, 60, was sentenced by U.S. District Judge Rya W. Zobel to 152 months, followed by 36 months of supervised release, and forfeiture of $1,269,168 and was ordered to pay $1,425 in restitution. In November 2012, Clott pleaded guilty to three counts of mail fraud and three counts of wire fraud.

From December 2009 through April 2010, Clott spent several months on Cape Cod engaged in a scheme to defraud a Massachusetts man of a property he valued at more than $2.8 million.

During this period, Clott was a fugitive from a federal criminal case against him in New York.

Clott used the alias “Michael Howard” and represented to others that he was an attorney and financial executive who specialized in purchasing, repairing, and marketing bank-owned real estate when, in fact, Clott was none of those things.

Clott, however, persuaded a local real estate broker to sell a client’s property for half the asking price and then give the sale proceeds to Clott who would use his purported financial expertise to generate an after-tax benefit for the client equivalent to the client’s asking price.

Instead of using the proceeds for the client’s benefit, Clott manipulated others to unwittingly assist in negotiating the proceeds check to enable him to deposit the funds in an account for Clott’s personal benefit. However,

Clott’s scheme was discovered and the funds were secured before Clott could further disburse or conceal them.

During the past 30 years, Clott has either been engaged in significant fraud schemes or been serving time in prison for those schemes.

Most recently, Clott was sentenced by the Southern District of New York to 259 months in prison, which he will serve concurrent to his sentence in the District of Massachusetts.

United States Attorney Carmen M. Ortiz and Richard DesLauriers, Special Agent in Charge of the Federal Bureau of Investigation Boston Field Division, made the announcement today.

The case was investigated by the Federal Bureau of Investigation. It was prosecuted by Assistant U.S. Attorneys Mark J. Balthazard and Veronica Lei of Ortiz’s Economic Crimes Unit and Asset Forfeiture Unit, respectively.

source: FBI



David Saks



Time&Temp Memphis

Legal Disclaimer
Please be advised that:

 The information and notices contained in this blog are intended to summarize recent developments and news. The posts are presented as general research and information. These posts are not intended, nor should be regarded, as legal advice. Some blog posts concern allegations made in civil lawsuits and in criminal indictments in United States Courts. All persons are presumed innocent until convicted of a crime and proven guilty. Readers who have particular questions or who believe that they need legal counsel should seek the advice of a qualified attorney. It is neither the editor's or author's intention to create a confidential relationship or any broker-client relationship via communication from this site at any time. Please consult with your state real estate board if questions & answers in the education section conflict with the laws of your region or if you need clarification regarding their applicability or how they may govern the services that you provide.

By entering this web site, you understand the following:
When you select a link to an outside Web site, you are subject to the privacy, copyright, security, and information quality policies of that Web site. David Saks:
1.DOES NOT control or guarantee the accuracy, legality, relevance, timeliness, or completeness of information contained on a linked Web site;
2.DOES NOT endorse linked Web sites, the views they express, or the products/services they offer unless linked web sites, the views they express, or the products/services they offer endorse or support David Saks in accordance with the standards of the Tennessee Real Estate Commission and the Federal Government's laws regarding commerce and the application, solicitation and transmission of internet-related concerns, commerce or social networking;
3.CANNOT authorize the use of copyrighted materials contained in linked Web sites;
4.IS NOT responsible for transmissions users receive from linked Web sites;
5. That DavidSaks.Com is biographical & real estate related. Some links within will leave this site.
6. http://activerain.com/profile/davidsaks is internet-compliant & abides by the rules & regulations of the Tennessee Real Estate Commission, Eve Maxwell, Executive Director.
7. Unless indicated otherwise, ActiveRain does offer listings, or IDX and is provided for licensed salespersons, brokers, buyers & sellers of real property as a community & professional service.
8. David Saks is a retired / licensed real estate broker in the State of Tennessee, license #290452, and an independent contractor.
9. Information is believed to be accurate, but not guaranteed, at any realty link or document connected to the World Wide Web & viewable by anyone connected to the internet who has a web browser.
10. Brokers, buyers, sellers, agents & anyone should independently verify any information prior to submitting any offer to purchase goods & services from any link.
11. Please Visit The American Real Estate Alliance or Memphis.8k.Com for additional information regarding property issues for real estate professionals and consumers.

 

Photos © & Licensed by Nova Development

All Content Protected © 
Before you even think about
committing a real estate crime
click this red button.
Real Estate Crimes

© All Rights Reserved.

 

 

 

 

"Information generated by the Department of Justice is in the public domain and may be reproduced, published or otherwise used without the Department’s permission. Citation to the Department of Justice as the source of the information is appreciated, as appropriate."

Department of Justice Legal Policies


 

  Real Estate Crimes

 

Click "HERE" For Today's Question

 

 

TheListen Now!

David Saks Show

Saturday Nite

9pm-12am Central

University of Memphis

WUMR

 

Support
America's Hobby

Click Elvis

Mr.Saks' participation in ActiveRain ended April 13, 2015.

His blog archives will remain online.

May God bless you.

Comment balloon 2 commentsDavid Saks • January 30 2013 08:34AM

Comments

Wow, that plays out like a movie.....it seems that the court judge leveled a penalty that will keep him from doing bad to others for a longtime to come...

Wow....what a story.....

Posted by Shar Giard, CRS, GRI, CDPE, CNE (REMAX Equity Group ) almost 7 years ago

A life sentence without the possibility of parole wouldn't have been long enough for him, Shar.

Posted by David Saks ((retired)) almost 7 years ago

This blog does not allow anonymous comments