Crime does not pay.
Do you ever wonder what happens to those caught swindling money from seniors?
Do they get a slap on the wrist? Do they get away with it scot-free?
According to a recent press release from the US Department of Justice titled “Three Long Island Residents Arrested In Elder Fraud Scheme,” the punishment is more severe.
Three people—Lorraine Chalavoutis, Shaun Sullivan, and Tully Lovisa—were caught in an elder scam and are being prosecuted.
What did they do?
They are charged with money laundering and mail fraud.
These individuals sent mailings offering large cash prizes in exchange for an entry fee.
There was no prize.
No one won.
No one except the three masterminds who made off with at least $30 million.
Lovisa has had a history of lying to the Federal Trade Commission.
What will happen if the three individuals are convicted?
Each will face up to 20 years in prison for mail fraud, wire fraud, and conspiracy.
They may also owe a statutory maximum fine of $250,000 or twice the gross gain or gross loss from the offense for each charge.
Remember: “An ounce of prevention is worth a pound of cure.” When making your financial, tax and estate plans, do not go it alone. Be sure to engage competent professional counsel.
For more information about estate planning in Overland Park, KS (and throughout the rest of Kansas and Missouri), visit our estate planning website and be sure to subscribe to our complimentary estate planning e-newsletter while you are there.
Reference: US Department of Justice (July 11, 2018) “Three Long Island Residents Arrested In Elder Fraud Scheme”