N.Y. Mortgage Fraud Ringleader Sentenced

Dominick Devito has been sentenced to 51 months in prison and ordered to forfeit $1.4 million for mortgage fraud and other charges. According to the U.S. attorney's office for the Southern District of New York, Devito was the leader of a fraudulent real estate investment scheme that purchased multimillion-dollar residential properties around Westchester County , N.Y., from January 2002 through November 2004 and used false and misleading information to obtain loans from banks and other lenders. Devito identified properties for sale, orchestrated the purchase of the properties, and performed construction work at the properties. Devito's co-defendant John Liscio was sentenced in March to 12 months in prison and three years of supervised release and ordered to pay $50,000 in restitution. Devito's other co-defendant, Robert Didonato, was sentenced in April to 18 months in prison and three years of supervised release and ordered to pay $18,000 in restitution and to forfeit $112,000. The last remaining defendant, Louis Cordasco, Jr., is scheduled for sentencing on May 27.