On Tuesday of this week, it was announced that a former attorney had been sentenced to 38 months in prison for being involved in a scheme to defraud investors in real estate transactions of more than $1 million. Brandon Lisi pleaded guilty to conspiracy to commit wire fraud on April 3, 2017. The sentence was handed down by U.S. District Judge Katherine Polk Failla on Tuesday.
Court documents and statements made in the case show that Lisi and his co-conspirator built relationships with the victim investors and encouraged them to put their money into fraudulent deals. During the course of the scheme, the defendants made false representations and failed to disclose certain information to investors. All of this was done to ensure investors handed over their money.
Lisi was also accused of causing another person to make false statements in a bankruptcy court to forestall the foreclosure of one of the properties he had obtained. While Lisi promised large returns to his investors, he and his co-conspirator often utilized their funds for person purposes. Victims of the scheme ultimately lost more than $1 million. 43-year-old Brandon Lisi of Melville, New York has been sentenced to 38 months in prison and three years of supervised release.
He has also been ordered to forfeit $1,438,358 and pay restitution in the same amount.