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WAREHAM MAN PLEADS GUILTY IN BROCKTON LAND FLIP SCHEME

 WAREHAM MAN PLEADS GUILTY IN BROCKTON LAND FLIP SCHEME
 BOSTON, Dec. 17 /PRNewswire/ -- A resident of Wareham, Mass. pleaded guilty today to engaging in a scheme to defraud involving land flips in Brockton, Mass.
 U.S. Attorney Wayne A. Budd announced that Frederick R. Strangis, 26, of 17 Union Avenue, Wareham, Mass. pleaded guilty in federal district court to wire fraud in connection with his April 1991 purchases of two flipped properties: 104 Menlo Street and 145 Nilsson Street, both located in Brockton.
 At the plea hearing, a federal prosecutor told the Court that Strangis and his co-schemers submitted loan applications which contained false information about Strangis' income, employment history, assets, liabilities, and the true purchase price of the flipped properties. The federal prosecutor stated that Strangis obtained a loan of $182,400 from CenTrust Mortgage Corp. for his Menlo Street purchase, and a loan of $183,200 from Fleet Mortgage Corp. for his Nilsson Street purchase. The federal prosecutor stated that, although Strangis falsely represented that he was paying $228,000 for Menlo Street and $229,000 for Nilsson Street, Strangis knew that Menlo Street was purchased for $102,900 and Nilsson Street for $111,000 on the same day Strangis made his purchases.
 The Honorable Douglas P. Woodlock scheduled Strangis' sentencing for February 13, 1992. Strangis faces a maximum sentence of 30 years imprisonment and a fine of $1 million.
 The case was investigated by Special Agents of the Federal Bureau of Investigation and prosecuted by Assistant U.S. Attorney Margaret R. Hinkle of Budd's Economic Crimes Division.
 Budd said the investigation of Brockton land flips is continuing.
 -0- 12/17/91
 /CONTACT: Press Officer, U.S. Attorney's Office, 617-223-9445/


DH -- NE009 -- 2994 12/17/91 13:44 EST
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Date:Dec 17, 1991
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