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P R E S S   R E L E A S E

FOR IMMEDIATE RELEASE:

Feb. 15, 2012


Real Estate Appraiser Convicted of Wire Fraud

Boston - A Canton man was convicted today in federal court of wire fraud for preparing fraudulent appraisals in connection with the sale of a multi-family residence in Dorchester.

Richard G. Lane, 45, pleaded guilty before U.S. District Judge Nathaniel M. Gorton to a single count of wire fraud.

Had the case proceeded to trial the Government's evidence would have proven that Lane prepared false appraisals at the behest of associate Michael Lee in connection with the Nov. 2007 sale of three condominium units at 162 Quincy Street, in Dorchester, to a straw buyer. Lane inflated the value of each unit and also falsely represented in the appraisals that the straw buyer was purchasing only one unit in the building, when, in fact, the same buyer was purchasing all three units. For these appraisals and for other similarly false appraisals on other properties, Lee paid Lane about $24,500.

Lee was previously charged, convicted and sentenced to one year and a day in prison to be followed by three years of supervised release. Lee was also ordered to pay $1,900,743.61 in restitution in connection with the scheme.

Judge Gorton scheduled sentencing for Lane on May 17, 2012. Lane faces up to 30 years in prison to be followed by five years of supervised release and a $1,000,000 fine.

United States Attorney Carmen M. Ortiz; Steven Ricciardi, Special Agent in Charge of the U.S. Secret Service; and William P. Offord, Special Agent in Charge of the Internal Revenue Service's Criminal Investigation in Boston made the announcement today. The case is being prosecuted by Assistant U.S. Attorney Sandra S. Bower of Ortiz's Economic Crimes Unit.


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

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