Michael Cassadei
The Defendant:
Michael Cassadei, 54, of Schenectady, New York.
The Charges:
Mortgage fraud
The Case:
Michael Cassadei concocted a local mortgage fraud scheme in which he would use false documents to cause First Union National Bank of Deleware to finance the sale of residential properties for amounts that were in excess of their actual selling price. Cassadei would schedule two closings for the properties, buying the properties at a lesser price and pocketing the difference.
The Conviction:
Cassadei pleaded guilty in federal court in New York.
The Sentence:
On Dec. 29, 2010, U.S. District Judge Thomas J. McAvoy sentenced Cassadei to 27 months in prison followed by three years supervised release. He was also order to pay $135,148.45 resitution, due immediately.
Michael Cassadei, 54, of Schenectady, New York.
The Charges:
Mortgage fraud
The Case:
Michael Cassadei concocted a local mortgage fraud scheme in which he would use false documents to cause First Union National Bank of Deleware to finance the sale of residential properties for amounts that were in excess of their actual selling price. Cassadei would schedule two closings for the properties, buying the properties at a lesser price and pocketing the difference.
The Conviction:
Cassadei pleaded guilty in federal court in New York.
The Sentence:
On Dec. 29, 2010, U.S. District Judge Thomas J. McAvoy sentenced Cassadei to 27 months in prison followed by three years supervised release. He was also order to pay $135,148.45 resitution, due immediately.
