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Justice News

Department of Justice
U.S. Attorney’s Office
District of Massachusetts

FOR IMMEDIATE RELEASE
Tuesday, April 9, 2013

Former Senior Employee Sentenced For Defrauding Mortgage Company

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BOSTON - A North Andover man was sentenced today in federal court for financial institution fraud and interstate transporting of stolen property.

Francis X. Sullivan, 45, was sentenced by U.S. District Judge Rya W. Zobel to time served, to be followed by three years of supervised release, of which six months will be served in home confinement with electronic monitoring. Sullivan was also ordered to pay restitution in the amount of $98,720.78 and a $200 special assessment. Sullivan pleaded guilty on Jan. 8, 2013 to one count of financial institution fraud and one count of interstate transportation of stolen property.

Between March and December 2010, Sullivan, a vice president of finance for a real estate financing company (“PRC”), took $113,821 by: making 44 withdrawals from 11 PRC bank accounts totaling $105,608.76; approving his own payroll advances, expense reports for training not taken, and other “miscellaneous” payments to himself in nine transactions totaling $6,777.02; and forging an endorsement of a pension check that was intended for the widow of a former PRC employee. Sullivan deposited the $1,435 check in his personal account.

For one of these unauthorized transactions, Sullivan traveled from Massachusetts to Plaistow, New Hampshire with a check for $5,500 made against PRC and deposited a portion of the money in his own account and took the rest in cash.

United States Attorney Carmen M. Ortiz and Richard Deslauriers, Special Agent in Charge of the Federal Bureau of Investigation - Boston Field Office made the announcement. The case is being prosecuted by Assistant U.S. Attorney Sara Miron Bloom of Ortiz’s Economic Crimes Unit.

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Updated December 15, 2014