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Nov. 18, 2011

Former South Hadley Man Sentenced in Mortgage Fraud Scheme

SPRINGFIELD - A former South Hadley man was sentenced late yesterday in federal court for defrauding multiple lending institutions in connection with a mortgage fraud scheme.

Jason Foisy, 35, of Port Orange, Fla. and formerly of South Hadley, was sentenced by U.S. District Judge Michael A. Ponsor to 54 months imprisonment, to be followed by five years of supervised release and ordered to pay $15 million in restitution. Foisy pleaded guilty on May 21, 2011 to conspiracy, wire fraud, bank fraud and money laundering.

Had the case proceeded to trial the Government's evidence would have proven that Foisy was part of a multi-million mortgage and bank fraud conspiracy involving more than 100 real estate transactions in Fla. and western Massachusetts and multiple lines of credit originating out of a West Springfield branch bank. The scheme involved an aggregate loan value of at least $75 million and that the vase majority of the loans when into default. The scheme reached its pinnacle in October 2006, when co-defendant James June and Foisy started construction of a $6.6 million waterfront home in an exclusive area of Fort Lauderdale, Fla.

The government described co-defendant June as the orchestrator of the scheme with Foisy assisting in its execution in a variety of ways including: bringing family and friends into the scheme; accompanying family and friends on house hunting trips; manufacturing false bank statements; and running errands, attending closings, and otherwise keeping the scheme going. June is schedule to go to trial on March 5, 2012.

United States Attorney Carmen M. Ortiz and William Offord, Special Agent in Charge of the Internal Revenue Service's Criminal Investigation in Boston made the announcement today. The case was investigated by the IRS; South Hadley Police Department; Massachusetts State Police; and the Northwestern District Attorney's Office. The case was prosecuted by Assistant U.S. Attorney Karen L. Goodwin of Ortiz's Springfield Branch Office.

Source: United States Attorney's Office for the District of Massachusetts

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