A former NYPD sergeant has been busted after running a real estate scam.
On Friday, a U.S. District Judge sentenced John Monahan to four years and 10 months in prison. He was also ordered to forfeit $4.7 million, which he fraudulently collected from some 94 investors, according to CBS Local.
Monahan plead guilt to the charges as well as wire and mail fraud, saying that he was “deeply sorry” during the sentencing.
In 2013, Monahan told Manhattan investors that he was developing a property in the Dominican Republic. He then misappropriated the funds and never built the property. [CBS] – Christopher Cameron