Another former Greenwich resident and current mortgage fraud criminal, Jimmy Licata, has turned up in the news – actually,it’s old news, from a year ago, but I just stumbled across the story of his sentencing for duping some lender out of $19 million. Jimmy was lucky – I always cautioned my clients against committing the crime de jure – and today, bank fraud’s it. A year ago the same act garnered just a day in jail and four years probation. Lucky Jim.
Yes, that’s Licata Terrace off of Valley Road and the unfinished, abandoned mansion on Meeting House Road? Also Jim’s. Or it was-by now, it must belong to some bank or other creditor; given its state of disrepair, I’m sure they’re welcome to it.
Update: Come on, you’ve just got to love these guys’ chutzpa. Here’s Jimmy down in Florida in 2006, acting as a “business consultant” to a builder who stuck a bank with something like 700 unfinished homes, all “no money down” loans. The intrepid reporter had a few questions for the business consultant:
He’s currently under federal indictment on charges of money laundering and wire fraud for $19-million he borrowed from a Long Island Bank in 2001.
Rosyln Savings Bank ended up losing $7-million on the loan that was supposed to finance an assisted living facility owned by Licata. Investigators traced $1.39-million of the money to Licata’s private bank account, the indictment said.
Licata said the charges are a “blip” on his record that will prove unfounded. The bank made a bad loan and blames him for its mistake, he said.
That’s the Jimmy I knew and represented. Glad to see he took my advice.
Another update: Uh oh, looks as though Jimmy’s consulting didn’t help matters. His builder client went bankrupt and even listed Jimmy as someone who owed him money.
CCI also revealed it has pending claims against, among others, James J. Licata of Greenwich, Conn., whom CCI had retained just months ago to negotiate with Coast Bank.
Licata, who spends part of his time in Bradenton, is under federal indictment on charges of money laundering and wire fraud related to $19 million he borrowed from Rosyln Savings Bank in Long Island.
CCI values the claim against Licata and another Connecticut-based company called Southwick Ventures, run by Herbert Blake in Stamford, Conn., at $600,000 to $1.8 million.
I bet CCI doesn’t get repaid, what do you think?