New Jersey Man Admits Wire Fraud
Mortgage Broker Stole More Than $100,000 from Rensselaer Client
ALBANY, NEW YORK – Michael Pampalone, age 34, of Elizabeth, New Jersey, pled guilty today to defrauding a Rensselaer, New York, resident of $132,450.
The announcement was made by United States Attorney Richard S. Hartunian and Shelly A. Binkowski, Inspector in Charge, United States Postal Inspection Service (USPIS), Boston Division.
As part of his guilty plea, Pampalone admitted that he stole money that he had promised to hold in escrow for a client seeking a mortgage. After the client sent him two wires totaling $132,450, Pampalone withdrew the money and used it for his own purposes.
Sentencing is scheduled for August 9, 2017 at 10:30 a.m. before United States District Judge Mae A. D’Agostino. Pampalone faces up to 20 years in prison, a maximum fine of $250,000, and up to 3 years of post-imprisonment supervised release. A defendant’s sentence is imposed by a judge based on the particular statute the defendant is charged with violating, the U.S. Sentencing Guidelines and other factors.
This case was investigated by the United States Postal Inspection Service and New York State Police, and is being prosecuted by Assistant United States Attorney Wayne A. Myers.