Brothers Sentenced in $14 Million Dollar Mob-Connected Real Estate Scam

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Brothers Sentenced in $14 Million Dollar Mob-Connected Real
Estate Scam
http://www.flippingfrenzy.com/2007/11/19/brothers-sentenced-in-14-million-dollar-mob-connected-real-estate-scam/

A pair of brothers from New York’s Staten Island are headed
to jail after pleading guilty to a Real Estate Fraud scam
that appears to have involved members of the infamous
Gambino crime family. Thirty-year-old James LaForte, Jr. and
his 36-year-old brother, Joseph LaForte, posed as attorneys
for banks in real estate transactions that netted the two
and their parents over $14 million in illegal proceeds.

According to Staten Island Live, the younger LaForte has
been sentenced to five to 15 years in prison for his role in
the scam, while his older brother netted three-and-a-half to
10 years behind bars.

James LaForte.jpg

From silive.com and the Staten Island Advance:

James LaForte Jr. and Joseph W. LaForte fronted a
Mineola, L.I. law firm and acted as attorneys for banks in
real-estate transactions. Along with their parents and other
conspirators, they ripped off three dozen personal clients
and lending institutions of more than $14 million over 17
months, ending in August 2005, prosecutors said…

Nassau County prosecutors said the siblings and their
parents, James LaForte Sr. and Tina LaForte used a relative
who was a criminal defense attorney on Staten Island to set
up a law office in Mineola to close real-estate deals.

The ill-gotten proceeds allegedly paid for pricey cars,
a boat, real estate and mortgages on homes owned by the
defendants and their wives. Most of the 36 victims were from
Long Island and Queens.

James LaForte Sr., 61, of New Dorp, is the son of Joseph
(Joe the Cat) LaForte, a reputed capo in the Gambino crime
family.

Is anyone really surprised the Mob is involved in Real
Estate Fraud? For more, read Swindling siblings sentenced in
real estate scam

http://www.silive.com/news/index.ssf/2007/11/swindling_siblings_sentenced_i.html

Posted By: Ralph Roberts @ 8:35 pm | | Comments (2) |
Trackback |
Filed under: Real Estate Fraud, New York, Guilty Plea
October 4, 2007
http://www.flippingfrenzy.com/category/new-york/

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