Home Builder Jailed for Straw Buyer Fraud

home builder
home builder

A 60-year-old Detroit area home builder who was sentenced this week to six months in prison for mortgage fraud involving straw buyers got off pretty easy considering bank fraud is punishable by 30 years in prison and other penalties.

After he has served his term, Giuseppe Cracchiolo, of Romeo, Mich., will also have three years of supervised release and an additional six months of home confinement, presumably at his home on Pinecone Boulevard in Shelby, which records show he purchased in 2004 for $76,333. In addition, he will have to pay restitution of $1,654,500 to numerous financial institutions, according to the district attorney's office.

"Those who line their pockets with profits from these schemes should know they will not go undetected and will be held accountable," said Erick Martinez, special agent in charge, IRS-criminal investigation.