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Real estate mogul gets prison for fraud scheme
QUINCY, Mass. – A Massachusetts real estate mogul who defrauded investors of millions of dollars is headed to prison.
The Patriot Ledger (http://bit.ly/2pwerNd ) reports that Daniel Flynn III, of Quincy, was sentenced to four years in federal prison and three years of probation on Tuesday. Flynn pleaded guilty to criminal fraud in February.
Authorities say he bilked at least $9.5 million out of 10 victims by using false representations of his real estate business in a Ponzi scheme. Prosecutors earlier claimed Flynn squeezed $21 million out of 150 people.
However, Flynn admitted to cheating 10 victims as part of the plea deal.
A judge imposed a lesser sentence than the nearly six-year sentence recommended by prosecutors as part of the deal.
Flynn was also ordered to repay his victims.
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Information from: The (Quincy, Mass.) Patriot Ledger, http://www.patriotledger.com
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