Peter Iovino
Almost every day there are news reports of American property managers and directors being charged or convicted of criminal fraud. I will post just the most interesting cases.

Former Bedford condo manager gets 5 years for swiping funds to gamble

Man admits he swiped funds for gas, gambling
The Journal News
Jonathan Bandler
Dec. 23, 2013

The former property manager of a Bedford apartment complex was sentenced Monday to five years in federal prison for taking funds from the condo association that he used for food, gas and gambling expenses in Las Vegas and Atlantic City.

Peter Iovino, 57, formerly of Shrub Oak, obtained an unauthorized $150,000 bank loan and also improperly withdrew nearly $140,000 using a Bedford Terrace Condo Association debit card.

U.S. District Judge Vincent Briccetti gave Iovino until Feb. 7 to begin serving his prison term.

The theft was discovered in September 2011 after the condo board’s treasurer got a call from the bank regarding a missed payment on the loan. She and other board members claimed to be unaware of the loan and that Iovino had gotten them to sign loan documents that they thought were for something else. They also reviewed bank statements and learned that Iovino had been submitting doctored statements to hide what he had withdrawn.

Iovino pleaded guilty in January to wire and bank fraud charges. But his insistence that the board had authorized the loan and intended for him to get half of the money forced a hearing last month as to whether the board was at all complicit in his actions.

The board president testified that Iovino had recommended a loan to cover capital improvements but that all the board had authorized him to do was look into it and report back to them. Prosecutors also called as a witness a former employee of Iovino’s who testified that she notarized blank documents at his request and that he gave her $100 and two bottles of wine for her effort.

The sentencing guidelines agreed upon when Iovino pleaded guilty called for a prison term of 31⁄3 to 51⁄3 years. But after last month’s hearing, prosecutors urged Briccetti to consider a range between 7 to 9 years because Iovino had refused to accept responsibility despite his guilty plea.

Defense lawyer Domenick Porco sought a prison term of between two and three years, based on what prosecutors were initially seeking during plea negotiations last year.

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