Attorney convicted in multi-million dollar Westchester homes scheme

TRD New York /
Nov.November 03, 2011 01:07 PM

A Manhattan jury found New York City and Westchester County attorney Louis Cherico guilty of bank fraud and money laundering for his part in a fraudulent scheme involving Westchester real estate, LoHud.com reported.

Cherico conspired with four others, all of whom were already sentenced to between 12 and 51 months in prison for their parts in the scheme, to obtain mortgage loans on the purchase of several multi-million dollar Westchester homes in 2002.

The group submitted false documents to obtain mortgage loans that sometimes exceeded the purchase price of the properties. Cherico served as the attorney for the conspirators in negotiating and closing the sales, according to Federal Prosecutor Preet Bharara of the United States Attorney for the Southern District of New York.

The jury cleared Cherico on two counts of mortgage fraud and one count of conspiracy to obstruct justice. He faces up to 30 years in prison when he is sentenced March 6.

“We are disappointed in the jury’s verdicts on the counts where he was convicted,” said Susan Wolfe, Cherico’s attorney.

Cherico plans to appeal the decision. [LoHud.com]


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