Boston - A former South Hadley man was sentenced today in U.S. District Court in Springfield, Mass. for defrauding multiple lending institutions in connection with a mortgage fraud scheme.
James June, 52, of Rockville, Md., was sentenced by U.S. District Judge Michael A. Ponsor to 81 months in prison, to be followed by five years of supervised release, and $15 million in restitution. In April 2012, June pleaded guilty to conspiracy, wire fraud, bank fraud, and money laundering charges.
June orchestrated a multi-million dollar 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 in which the vast majority of the loans went into default. In October 2006 when the scheme reached its pinnacle, June and co-defendant Jason Foisy began 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.
United States Attorney Carmen M. Ortiz and William P. Offord, Special Agent in Charge of the Internal Revenue Service’s Criminal Investigation in Boston, made the announcement today. The case was investigated by the Internal Revenue Service’s Criminal Investigation, the South Hadley Police Department, the Massachusetts State Police and the Northwestern District Attorney’s Office. It was prosecuted by Assistant U.S. Attorneys Karen L. Goodwin and Alex Grant of Ortiz’s Springfield Branch Office.