Boston Feds Charge Fugitive In Scheme To Rip Off Massachusetts Man Of $2.8M+ Waterfront Property

From the Office of the U.S. Attorney (Boston, Massachusetts):

• A New York fugitive from justice was charged [] in federal court with mail and wire fraud in connection with a scheme to defraud a Massachusetts man of his Hyannis waterfront property. MICHAEL HOWARD CLOTT, aka MICHAEL HOWARD, 58, currently in custody in New York, was charged in an indictment with three counts of mail fraud and three counts of wire fraud.

• The indictment alleges that while a fugitive from the New York case, Clott spent several months on Cape Cod from December 2009 through April 2010, during which he engaged in a scheme to defraud a Massachusetts man of a property valued at more than $2.8 million.

• According to the charges, Clott used the alias “Michael Howard,” and represented to others that he was an attorney and financial executive who specialized in purchasing, repairing and marketing bank-owned real estate. Clott persuaded a local real estate broker to sell a client’s property for half the asking price, then give the sale proceeds to Clott who would use his financial expertise to generate an after-tax benefit for the client equivalent to the client’s asking price.

• The indictment further alleges that instead of using the proceeds for the client’s benefit, Clott manipulated others to unwittingly assist in negotiating the proceeds check to enable him to deposit the funds in an account for Clott’s personal benefit. According to the indictment, Clott’s scheme was discovered in time to secure the funds before Clott could further disburse or conceal them.

For the U.S. Attorney press release, see Fugitive Charged With Defrauding Man Of Cape Cod Property.