Former State Senator Sentenced to Federal Prison
Friday, February 11, 2011
Back in November, Maselli pleaded guilty to eight counts of bank fraud, admitting that he fabricated bank and tax documents to artificially inflate his income and obtain more than $1.7 million in mortgages and loans.
Maselli’s fraud dates back to May 2007, when he and his wife signed a sale agreement to buy a home for $200,000. Since he was incapable of qualifying for the loans on his own, the defendant applied for the loans in the name of his wife’s elderly grandmother, deceiving her into thinking that she was simply cosigning with her daughter, and that her name would be removed from the mortgage within three months of purchase, according to U.S. Attorney Peter Neronha. In reality, Maselli never removed the grandmother’s name from the mortgage, and a week after the deal closed he filed a deed transfer that transferred ownership of the property to him, but left the grandmother legally liable for the mortgage payments.
Since then, there have been seven subsequent instances of Maselli applying for and obtaining mortgages and loans, the most recent occurring in March 2009. In all of these instances, the defendant misrepresented his income through the use of fabricated documentation, according to the U.S. Attorney.
Maselli is to begin serving his sentence by 2 p.m. on March 10, 2011.
- Former State Senator Pleads Guilty to Bank Fraud
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- State Senator Pleads Guilty to Bank Fraud