A New Jersey man faces 60 months in prison followed by three years of supervised release as well as more than $700,000 in restitution payments in the wake of his guilty plea to fraud and money laundering charges in a Lancaster,
Through various real estate businesses William Kevin Kelly, 59, of Ocean City, N.J., promised clients and investors quick returns or results on funds they gave him, but instead he took the money and spent it for personal purposes while making excuses and providing with checks that bounced, according to the FBI.
According to the Federal Bureau of Investigation, Kelly victimized at least 40 clients, costing them more than $718,700, an amount the restitution was based on. His real estate licensed has been revoked.
