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South Hadley Resident Convicted of Mortgage Fraud
April 24, 2012

SPRINGFIELD - A resident of South Hadley was convicted in federal court of defrauding lending institutions in connection with a multi-million dollar loan fraud scheme that operated in Massachusetts and Florida between 2003 and 2007.

James June, 51, pleaded guilty before U.S. District Judge Michael A. Ponsor to one count of conspiracy, five counts of wire fraud, three counts of bank fraud and two counts of money laundering.

Had the case proceeded to trial the Government’s evidence would have proven that June was part of a multi-million mortgage fraud and bank fraud conspiracy involving more than 100 real estate transactions in Florida and Western Massachusetts and multiple business lines of credit originating out of a West Springfield Bank. The scheme involved an aggregate loan value of at least $75 million dollars and that the vast majority of the loans went into default. The scheme reached its pinnacle in October 2006, when June and co-defendant Jason Foisy started construction of a $6.6 million waterfront home in an exclusive area of Fort Lauderdale. Foisy previously pleaded guilty and was sentenced to 54 months in prison. A third co-defendant, David Tarczynski, also pleaded guilty and was sentenced to 20 months in prison.

Judge Ponsor scheduled sentencing for Sept. 13, 2012.

June faces up to 30 years in prison on each of the bank fraud counts, up to 20 years in prison on each of the wire fraud counts, up to 10 years in prison on each of the money laundering counts and up to five years in prison on the conspiracy count.

United States Attorney Carmen M. Ortiz and William Offord, Special Agent in Charge of the Internal Revenue Service’s Criminal Investigation in Boston made the announcement.

The case was investigated by the IRS, the South Hadley Police Department, Massachusetts State Police and the Northwestern District Attorney’s Office. The case is being prosecuted by Assistant U.S. Attorneys Karen L. Goodwin and Alex Grant of Ortiz’s Springfield Branch Office.




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