//
you're reading...
Politics, Congress, Investigation, Republicans, FBI, internet, health, Economy, Education, Wikipedia, local news, Press Release, Justice Department, Democrats, meta, Fraud, National News, Environment

PRESS RELEASE: Litchfield Resident, RYAN GEDDES Sentenced to 30 Months in Federal Prison for Multiple Fraud Conspiracies

Department of Justice
U.S. Attorney’s Office
District of Connecticut
FOR IMMEDIATE RELEASE
Wednesday, March 16, 2016

Litchfield Resident Sentenced to 30 Months in Federal Prison for Multiple Fraud Conspiracies

Deirdre M. Daly, United States Attorney for the District of Connecticut, announced that that RYAN GEDDES, 44, of Litchfield, was sentenced today by U.S. District Judge Janet Bond Arterton in New Haven to 30 months of imprisonment, followed by three years of supervised release, for participating in multiple conspiracies involving a series of real estate transactions intended to shield assets from creditors.

According to court documents and statements made in court, GEDDES had accrued a series of debts as of late 2005, and was the subject of various lawsuits and collection efforts for the next several years. A bank fraud conspiracy commenced in November 2005 when GEDDES sold a lakefront home located at 27 Palmer Road in Morris to Thomas Provenzano. Lacking the funds to qualify for the $923,000 mortgage, Provenzano nonetheless obtained the loan based on an application that falsely listed his income as $20,000 per month, or $240,000 annually, and falsely listed Provenzano as having worked for several years as the Operations Manager for one of GEDDES’s construction companies. Provenzano had not worked in that capacity, and had earned substantially less. The loan application also listed GEDDES’s company as having verified Provenzano’s employment. In November 2006, Provenzano refinanced the loan, obtaining a $936,000 mortgage from a federally insured bank. The new loan application, like the prior one, falsely listed Provenzano as employed by GEDDES’s construction company, and falsely listed his monthly income as $28,000, or $336,000 annually. The application again listed GEDDES’s company as having verified Provenzano’s employment. The loan is now in default, and the 27 Palmer Road property is in foreclosure.

The first of two mail and wire fraud conspiracies commenced in December 2009 and January 2010, in a series of discussions among GEDDES, Provenzano, and others about how to defraud a title insurance company. The discussions focused on conducting a real property transfer based on a deliberately defective title search, in which liens against the property are omitted, and title insurance is obtained based on the defective title search report. Later, a fraudulent claim is lodged against the title insurer. The conspirators decided to attempt the scheme on a property controlled by GEDDES, located at 66 Donahue Road Extension in Litchfield. After Provenzano assisted in a title search, GEDDES personally reviewed the report and crossed off several liens to be omitted from the title insurance application. In March 2010 GEDDES arranged a straw transfer of the property to another individual, while continuing to reside in and pay the mortgage and expenses on the property. Title insurance was issued on the property, with five liens, totaling about $990,000, deliberately omitted from the title search report.

The second of two mail and wire fraud conspiracies commenced in May 2009 when GEDDES arranged to transfer another property of his, located in Old Forge, N.Y., to Dustin Whitten. GEDDES continued to use the property and pay the mortgage and maintenance expenses. In March 2011, GEDDES and Whitten arranged to obtain a home insurance policy on the New York property in Whitten’s name. On July 4, 2011, after a bankruptcy court meeting about seeking to compensate GEDDES’s creditors, the New York property was destroyed in a fire. In September 2011, Whitten swore out an insurance claim on the property, falsely representing himself as the owner and seeking compensation in the respective amounts of $515,038.50 for the destroyed structure and $92,974.47 for personal property allegedly lost in the fire. The claim was eventually denied by the insurance company. GEDDES has admitted that the purpose of the scheme was to shield the insurance proceeds from his creditors.

Judge Arterton ordered GEDDES to pay $703,698.70 in restitution.

On April 28, 2015, GEDDES pleaded guilty to one count of conspiracy to commit bank fraud and two counts of conspiracy to commit mail and wire fraud.

Provenzano and Whitten previously pleaded guilty. On December 1, 2014, Provenzano was sentenced to 18 month of imprisonment. On December 18, 2015, Whitten was sentenced to 12 months and one day of imprisonment.

This matter was investigated by the Federal Bureau of Investigation and the Internal Revenue Service – Criminal Investigation Division. The case was prosecuted by Assistant U.S. Attorneys Henry Kopel and Michael Gustafson.

Advertisements

About FREDERICA CADE

Most of the information you will see comes from some Federal/state Government documents or Federal/State Governm Agency. -----------------------------------------------The fellow that can only see a week ahead is always the popular fellow, for he is looking with the crowd. But the one that can see years ahead, he has a telescope but he can't make anybody believe that he has it. ~~~~Will Rogers __The woman who follows the crowd will usually go no further than the crowd. The woman who walks alone is likely to find herself in places no one has ever been before.~ Albert Einstein ~"I never work better than when I am inspired by anger; for when I am angry, I can write, pray, and preach well, for then my whole temperament is quickened, my understandingsharpen​ed, and all mundane vexations and temptations depart.” ~Dr. Martin Luther King Jr. _________________________________________________________________________________________ ~"The bosom of America is open to receive not only the Opulent and respectable Stranger, but the oppressed and persecuted of all Nations and Religions; whom we shall welcome to a participation of all our rights and privileges, if by decency and propriety of conduct they appear to merit the enjoyment".~___________________________________ George Washington, Address to the Members of the Volunteer Association of Ireland, December 2, 1783 Fredericacade@gmail.com

Discussion

No comments yet.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Frederica Cade’s Blog (Politics, News, Analysis, Investigation, Press Releases, Education, Economics, Internet, News Releases, Featured stories, Fraud, and History, U.S. Laws, Posted stories, Index of reports, meta,Home page)

Blog Stats #

  • 807,965 hits

Frederica Cade’s Archives

Recent Post

November 2016
M T W T F S S
« Oct   Dec »
 123456
78910111213
14151617181920
21222324252627
282930  

Frederica Cade’s Blog (Politics, News, Analysis, Investigation, Press Releases, Education, Economics, Internet, News Releases, Featured stories, Fraud, and History, U.S. Laws, Posted stories, Index of reports, meta,Home page)

Politics, local News, National News, Foreign news, Congress, President, Government, Economics, Analysis, Art, Health,Investigation, FBI, Justice Department, Fraud, Press Releases, Health Care, News Releases, Law, and History Tags

2012 Elections Affordable Care Act Alabama Albuquerque ALEC Alexandria American Legislative Exchange Council AMERICAN LEGISLATIVE EXCHANGE COUNCIL (ALEC) Analysis Arizona Atlanta Attorney General Eric Holder California charter schools Chicago Congress Connecticut Democrats Deputy Attorney General James M. Cole Donald Trump Economics Economy Education Environ Environme Environmen Environment EPA FBI Federal Election Commission (FEC) Florida fraud FreedomWorks General Georgia Governor Nikki Haley Grover Norquist Hammond Health Health Care Heritage Foundation HHS Secretary Kathleen Sebelius Hillary Clinton History https://fredericacade.wordpress.com https://fredericacade.wordpress.com/wp-admin/edit.php?category_name=politics-congress-investigation-republicans-fbi-internet-health-economy-education-wikipedia-local-news-press-release-justice-departm Idaho Illinois Inc. Indiana Internet Investigation Iowa IRS jobs Jr. Justice Department Kansas Kara Pally Keystone XL Knoxville Koch Koch Brothers Koch Industries Laws local news Louisiana Maryland Massachusetts Matte Kibbe Memphis meta Miami Michigan Minnesota Mississippi Missouri Mitt Romney Montana Nashville National News Nebraska New Jersey New Mexico News New York Nikki Haley North Carolina Ohio Oklahoma Oregon outsourcing Paul Ryan Pennsylvania Philadelphia Politics President President Obama Press Release Public Schools Puerto Rico record Republicans Rhode Island South Carolina South Dakota Sr. Tennessee Texas Top Story TransCanada Vincent Sheheen Virginia Voting Rights Act Voting Rights Act of 1965 WASHINGTON Washington D.C. West Virginia Wikipedia Wisconsin

Frederica Cade’s Blog (Politics, News, Analysis, Investigation, Press Releases, Education, Economics, Internet, News Releases, Featured stories, Fraud, and History, U.S. Laws, Posted stories, Index of reports, meta,Home page)

Follow me on Twitter

Frederica Cade’s Blog (Politics, News, Analysis, Investigation, Press Releases, Education, Economics, Internet, News Releases, Featured stories, Fraud, and History, U.S. Laws, Posted stories, Index of reports, meta,Home page)