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It’s witching hour for this condo-home developer

78Residential Real Estate, Mortgage Fraud, Crime, Massachusetts

(Illustration by Shea Monahan for The Real Deal with Getty)

It’s witching hour in Salem and one real estate developer on the losing end of a trial is going to have plenty of time in the clink to reflect.

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Who is the real estate developer?

His name is George Kritopoulos and he was sentenced to four years in prison for his role in a decade-long mortgage scheme, according to the Justice Department. The 50-year-old developer will also have two years of supervised release following the prison sentence.

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What was the real estate developer convicted of?

Kritopoulos was convicted of conspiracy, wire fraud, bank fraud, obstruction of justice and aiding preparation of a false income tax return. The Salem News reported 

The developer and two others engaged in a scheme from 2006 to 2015. They defrauded banks and financial institutions by causing borrowers to submit false information.

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How many properties were involved?

Among 21 properties involved in the scheme, borrowers defaulted on loan payments at all but two, since they didn’t have the finances to repay the loans. That led to foreclosures and losses for lenders.

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