Where’s the $6 Million?
Congratulations to Kelly and Will for great reporting that led to this conviction:
This afternoon, federal courts sentenced the swindle’s mastermind, James McConville, to nearly eight years in prison and ordered him to pay more than $7 million in restitution. McConville pleaded guilty in January to fraud and money laundering charges.
The swindle’s effects still linger. The crash from more than 80 foreclosures in three complexes caused surrounding condos’ value to plummet. McConville’s scam units sold in 2008 for more than $300,000 each. Today, there are units in one of the complexes, Sommerset Villas, currently for sale for $64,900 and $80,000.