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Area Real Estate Developer Sentenced For $58M Ponzi Scheme Area Real Estate Developer Sentenced For $58M Ponzi Scheme
Area Real Estate Developer Sentenced For $58M Ponzi Scheme A real estate developer will spend time behind bars for operating a years-long $58 million Ponzi scheme that included properties in the area. Michael D’Alessio, 53, was sentenced on Friday, April 5 to six years in prison for his elaborate scheme to defraud investors in luxury real estate developments in Manhattan, the Hamptons, Westchester and elsewhere.  In addition to the prison term, D'Alessio was sentenced to three years of supervised release and order to pay forfeiture in the amount of $58,090,047. D'Alessio is the former president and CEO of real estate development firm Michael …

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by Joe Lombardi
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CT Man Sentenced In Credit Card 'Bust-Out' Scheme CT Man Sentenced In Credit Card 'Bust-Out' Scheme
CT Man Sentenced In Credit Card 'Bust-Out' Scheme A Connecticut man implicated in a credit card “bust-out” scheme has been sentenced after his name was used to obtain dozens of cards that were used to spend tens of thousands of dollars. John Durham, the United States Attorney for the District of Connecticut announced this week that Waterbury resident Janzayb Khan, 29, has been sentenced to five years probation for his involvement into the scheme that “defrauded more than a dozen financial institutions, and for attempting to cover up his role during a bankruptcy proceeding.” According to the court documents and statements made in court, Kha…

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by Zak Failla