David Saks: New Jersey Man Sentenced for Bogus Real Estate Scheme

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New Jersey Man Sentenced for Bogus Real Estate Scheme

New Jersey Man Sentenced for Bogus Real Estate Scheme

U.S. Attorney’s Office May 09, 2013
  • Eastern District of Pennsylvania (215) 861-8200
 

PHILADELPHIA—William Kevin Kelly, 59, of Ocean City, New Jersey, was sentenced today to 60 months in prison for a real estate scam that victimized clients and investors in the Lancaster area.

Kelly pleaded guilty on January 22, 2013, to wire fraud and money laundering charges.

Through businesses such as Homelynx, Bantry Property Solutions, Multi County Properties, and For Sale by Seller Plus, which he owned and operated, Kelly—who had his real estate license revoked—promised clients and investors quick returns or results on their funds.

After the victims turned over their funds, Kelly would take their money and spend it for personal purposes, string them along with various excuses, and provide them with checks that bounced.

As a result of his scheme, Kelly has victimized at least 40 clients of over $718,700.

In addition to the prison term, U.S. District Court Judge John R. Padova ordered Kelly to pay restitution in the amount of $718,700 and ordered three years of supervised release.

The case was investigated by the Federal Bureau of Investigation and the Elizabethtown Borough Police Department It was prosecuted by Assistant United States Attorney Anita Eve.

source: FBI



David Saks



Time&Temp Memphis

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Comment balloon 0 commentsDavid Saks • May 10 2013 02:28PM

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