Tag Archives: Dominick DeVito

Where’s Domo?

Walt Noel has dropped off the radar since he settled with Massachusetts and had his scheduled hearing cancelled last week, but what about that other Greenwich recluse, Dom DeVito? Dom was supposed to report to Otis prison on Tuesday, I believe, but I can find no news of him. You still free Dom? if so, drop me a line and let me know how you’re doing.

Dom was another Patriot Bank customer but his scheduled stay of 48-51 months arose from matters occurring in Westchester and involving other lenders. I suspect that he is no favorite of Patriot – they’re out $6 million on an ill-advised loan to Dom for a foundation he erected at 516 Round Hill – but I find him charming and charismatic, so I hope he’s okay. I’m sure he will be – this is his third   [second – Dom just called to correct me – he’s still out enjoying the pleasant weather for another few weeks] trip up the river , figuratively speaking (do you wonder why Patriot loaned money to a three-time felon? I do.) and they’ve probably kept his cot warm for him.

So write when you can, Dom, and hurry back. Patriot may not be here when you return but its lending officers are sure to still be working the scene somewhere.


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Finishing school

The affable Greenwich developer Dom DeVito reports to Otisville Prison September 15th for a 51 -month stint of R&R. Bernie Madoff’s future home is uncertain (and would somebody please draw a cartoon of Bernie in his cell, marking off the days til release on his calendar?), but his lawyer is pushing for Otisville, too and now Fredric Bourke is looking at a stay, probably similar to Dom’s in length, at a similar site. Could all three end up in Otisville? Wow.

A friend of Dom’s, reflecting on Dominick and Bernie being together, said, ‘the dark intelligence of Dominick, and five years at Madoff’s knees? A monster!” He meant it as a compliment, I think. Imagine if Ric Bourke joins in on the tutorials – Dom’s intellect, Ric’s money, Bernies’ schemes – watch out, world.

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Devito’s back and Round Hill’s got ‘im

Dom Devito, that very pleasant builder with a variety of legal (criminal) and financial troubles has brought 516 Round Hill Road back on the market. I’ve written about this place before, albeit using the street address of 518, which is what was hand painted on a piece of plywood at the entrance to its mud driveway. It’s four acres up near Leona’s place, on a shared driveway on a back lot that’s a little bit of fill and a whole lot of steep hillside. The “house” consists of a foundation and a framed and plywooded structure with most of the windows in. It sat open to the weather for a long time but if there isn’t too much water damage I suppose you might be able to salvage what’s there. Patriot Bank improvidently extended $6.6 million for its construction even though it had only reached this primitive state and that’s the amount of the mortgage note they’re foreclosing on. I calculate its value at somewhere between $2 and $2.5 million, maybe, on a good day. Asking price is $7.9 million, which shows that neither Dominick, his broker Steve Archino or Patriot Bank have lost their sense of humor. That’s good to see in these tough times.


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Would you pay $6.2 million for this house?


518 Round Hill Road 

518 Round Hill Road

Well some bank did, by advancing that sum to Dominick DeVito and his scam company, DFT Construction. As I noted in an earlier post, construction loans are supposed to be paid out in stages as specific building goals are achieved: foundation poured, framing done, house closed in, etc. What you see above is what the bank would have seen had they sent an inspector over before forking over $6.2 so I ask again: would you pay that much for this house in this condition? I don’t think you would, and I can’t think of any innocent explanation for the bank’s behavior here. 

So here’s another question: clearly, $6.2 didn’t go into this house so where is it? In another failed DFT project? Dominick’s pocket? The bank appraiser’s pocket? No one’s talking to me, at any rate and my personal hunch is that, if ol’ Dom ended up with it, no one’s going after him. He’s pled guilty for bank frauds committed in Westchester County and I don’t believe the federal prosecutors who nailed him for that have jurisdiction outside of the Southern District of New York. Will anyone in Connecticut bother chasing him for this one or will they figure that he’s already going to do time in New York? I’m betting on the former in which case, they’ll be some cash waiting to ease DeVito’s readjustment to civilian life after his release from prison. 

Since it’s our tax money that’s going to pay for this loss, I’d like to see an inquiry made. And, were I a prosecutor, I think I’d start at the offices of the lender and ask how this much money escaped from their vault.

Update: Just for fun, I’ve been Googling some of Dom’s partners. There’s Dominick Carpenito, for instance, second in command of DFT LLC and here’s a bank sale of a newly built single family Florida residence owned by a Dominick Carenito “and others”. Same guy? I’ll bet it is – Jimmy Licata isn’t the only crook to commute between Greenwich and Florida; these guys follow the money.


Filed under Right wing nut rantings

This just keeps getting better

You’ll have to scroll down for the initial posts about DFT Builders and their principle, Dominick DeVito but the more I dig, the better it gets, so I’m posting new material here. I linked to the indictment of this guy below. Here’s the Justice Department’s announcement of his guilty plea this summer, and get this:

Also, DEVITO obstructed justice in connection with his sentencing in 2003 in Manhattan federal court after he was convicted of racketeering and mortgage fraud in an earlier case.

Would one of you investment banker types please explain to me how someone can be convicted of racketeering and mortgage fraud in 2003 and still get loans afterwards? I’m also just a little disappointed that DFT’s website doesn’t mention the criminal record of its founder. Gee, I thought they had to tell the truth about such things!


Filed under Buying/Selling Greenwich Real Estate