BOSTON - A Canton man was charged today in federal court with wire fraud for preparing fraudulent appraisals in connection with the sale of a multi-family residence in Dorchester.
Richard G. Lane, 45, was charged in an Information with one count of wire fraud. The Information alleges that Lane prepared false appraisals at the behest of associate Michael Lee in connection with the November 2007 sale of three condominium units in Dorchester, to a straw buyer. Lee previously was charged, convicted, and sentenced in connection with the scheme. Lane is accused of inflating the value of each unit and falsely representing in his appraisals that the straw buyer was purchasing only one unit in the building, when, in fact, the same buyer was purchasing all three units.
If convicted on these charges, Lane faces up to 30 years in prison to be followed by five years of supervised release and a $1 million fine.
United States Attorney Carmen M. Ortiz; Steven D. Riccardi, Special Agent in Charge of the Secret Service; and William P. Offord, Special Agent in Charge of Internal Revenue Service’s Criminal Investigation in Boston Field Division made the announcement today. The case is being prosecuted by Assistant U.S. Attorney Sandra S. Bower of Ortiz’s Economic Crimes Unit.
The details contained in the Information are allegations. The defendant is presumed to be innocent unless and until proven guilty beyond a reasonable doubt in a court of law.