Quincy real estate mogul Daniel J Flynn III has been arrested and charged with one count of wire fraud by the US Attorney in Federal court in Boston. Flynn is alleged to have defrauded real estate investors out of millions of dollars.
According to court documents, Flynn’s began defrauding investors in 2007. Flynn, an auctioneer and a real estate agent is alleged to have convinced investors to invest in excess of $500,000 in properties. Unknown to the investors Flynn had already owned the properties. Flynn allegedly used a variety of corporations to hide the investment scheme. Flynn is accused of paying off early investors with money from later investors or a classic ponzi scheme. The US Attorney claimed that the over 9 million dollars was lost by early investors. In addition to paying off previous investors Flynn is accused of using investor money for personal reasons.
In addition to being a real estate agent and auctioneer, Flynn has been a fixture in Quincy politics. He is the regular host of the annual St. Patrick’s Day lunch and close friend of the current Quincy Mayor.
Flynn is due back in court later next month to be formally arraigned on the charges.
It is unclear how much time Flynn may srve if convicted.
Masachusetts Criminal Attorney Patrick Donovan has represented many clients with theft crimes. If you or someone you know has been charged with a crime call for a free consultation today.