Pennsylvania Realtor Charged With Defrauding Clients
Joseph N. Reilly, 69 of Philadelphia, Pennsylvania, was charged today by information with mail fraud, announced United States Attorney Zane David Memeger. According to the information, Reilly, who owned Joseph N. Reilly Real Estate, Inc., diverted more than $1 million in client funds to himself, between January 2009 and April 2011, defrauding approximately 50 clients.
Reilly, through his company, acted as a property manager for his clients, collecting rent and utilities payments for owners. He also paid utility and real estate tax bills. Reilly mailed monthly statements to tenants and property owners. According to the information, Reilly sent at least one statement to a property owner indicating that the balance in the owner’s account was $490,565.58 when, in fact, the balance was $86.80.
If convicted the defendant faces a maximum possible sentence of 20 years in prison, a fine of up to $250,000, three years of supervised release, and a $100 special assessment.
The case was investigated by the U.S. Postal Inspection Service and is being prosecuted by Assistant United States Attorney Judy G. Smith.
An Indictment is an accusation. A defendant is presumed innocent unless and until proven guilty.
UNITED STATES ATTORNEY'S OFFICE, EASTERN DISTRICTof PENNSYLVANIA
Suite 1250, 615 Chestnut Street, Philadelphia, PA 19106
PATTY HARTMAN, Media Contact, 215-861-8525