Posted Nov 03, 2011 05:43 pm CDT
A New York real estate lawyer has been convicted of bank fraud and money laundering for closing purchases in pricey Westchester County in which mortgages were allegedly obtained by the buyers based on phony documentation.
However, Louis Cherico, 70, was acquitted by a federal jury Tuesday of obstruction of justice and additional counts of bank fraud after a three-week trial in Manhattan. His lawyer, Susan Wolfe, said he intends to file post-trial motions seeking acquittal and appeal his conviction if they aren’t successful, the Journal News reports.
He could get as much as 30 years on each bank fraud count and 20 for money laundering when he is sentenced in March. However, such a hefty sentence appears unlikely since previously convicted co-conspirators got between one year and a little over four years.
Reuters also has a story.