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STOUGHTON RESIDENT PLEADS GUILTY IN BROCKTON LAND FLIP SCHEME

 STOUGHTON RESIDENT PLEADS GUILTY IN BROCKTON LAND FLIP SCHEME
 BOSTON, Jan. 14 /PRNewswire/ -- A resident of Stoughton, Mass. pleaded guilty today to conspiracy to defraud involving land flips in Brockton, Mass.
 U.S. Attorney Wayne A. Budd announced that Glenn M. Monteiro, Jr., age 30, a former loan originator for Rate Line, Inc., pleaded guilty in federal district court to conspiracy to defraud in connection with fifteen flipped properties. Rate Line and its principal, Thomas DeNunzio, previously pleaded guilty to the same offense.
 At the plea hearing, a federal prosecutor told the Court that Monteiro controls Half & Half, Inc. ZBA Corp. and Chantel, Inc., which were shell corporations formed to buy properties at distressed prices and sell them on the same day at artificially inflated prices. Between June of 1990 and September of 1991, Montiero and his co-conspirators brokered more than $2.6 million in fraudulent loans from six lenders. Montiero orchestrated fraudulent loan applications, confirmed those applications as true when they were false, and forwarded the fraudulent applications to the six lenders. Monteiro and his co-conspirators also submitted false credit histories, appraisals and tax returns to the lenders. The lenders, whose loans were the only money in the flipped purchases, financed 80 percent of the last purchase price. After obtaining the loans, the co-conspirators divided their illicit profits, with Monteiro receiving kickbacks on the transactions averaging $20,000 per sale.
 Chief Judge Joseph L. Tauro scheduled Monteiro's sentencing for March 16, 1992. Monteiro faces a maximum sentence of five years imprisonment and a fine of $250,000.
 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- 1/14/92
 /CONTACT: Press Officer in the U.S. Attorney's Office, 617-223-9445/


DD -- NE009 -- 9783 01/14/92 17:59 EST
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Publication:PR Newswire
Date:Jan 14, 1992
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