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Real estate industry

Former Rhode Island State Senator Pleads Guilty to Bank Fraud

Strategic Insights

— 1 min read

Christopher B. Maselli, a former Rhode Island state senator and real estate attorney, pleaded guilty to eight counts of bank fraud, falsifying bank and tax documents, and lying about his income and assets to obtain over $1.7 million in mortgages and loans. Maselli's scheme, which spanned from May 2007 to March 2009, involved using fabricated documentation and false statements to deceive banks and other lenders.

Key Takeaways:

  • Christopher B. Maselli, a former Rhode Island state senator and real estate attorney, pleaded guilty to eight counts of bank fraud.
  • Maselli falsified bank and tax documents and lied about his income and assets to obtain over $1.7 million in mortgages and loans.
  • The scheme, which spanned from May 2007 to March 2009, involved using fabricated documentation and false statements to deceive banks and other lenders.
  • The banks relied on Maselli's false statements in approving the loans, which totals in over $1.7 million.
  • Maselli employed various schemes, including using a straw borrower, his wife's elderly grandmother, and creating false documents to support his misrepresentations.
  • The investigation was conducted by the Federal Bureau of Investigation; U.S. Department of Housing and Urban Development, Office of the Inspector General; and the Internal Revenue Service, Criminal Investigations.
  • Maselli's guilty plea was announced by U.S. Attorney Peter F. Neronha, Richard DesLauriers, Special Agent in Charge of the FBI's Boston Field Office, and Michael Stephens, Acting Inspector General of the HUD Office of Inspector General.

Statistics:

  • Over $1.7 million in mortgages and loans obtained through bank fraud.
  • Eight counts of bank fraud pleaded guilty to.
  • Five years (2007-2009) span of the scheme.
  • 30 years imprisonment as punishable by bank fraud.
  • $1,000,000 fine as a maximum sentence for bank fraud.
  • 5 years supervised release as a potential sentence for bank fraud.

Sources:

  • United States Attorney's Office for the District of Rhode Island

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