Paul John McMann, 52, Weston, Massachusetts, a real estate developer and entrepreneur, has been indicted and charged with defrauding numerous individuals through the use of fraudulent bank documents.
McMann remained at-large, outside of the United States, until he was detained on July 10, 2011, in Cyprus by local authorities in response to a notice issued by Interpol. Cyprus authorities turned McMann over to the U.S. Marshals Service on August 4, 2011. A detention hearing is set for August 10, 2011, before U.S. Magistrate Judge Jennifer C. Boal.
The indictment alleges that in October and November 2008, McMann purchased various fraudulent bank documents, including “Proof of Funds” letters on Bank of America and Wachovia Bank letterhead purporting to show that he and his company, Commonwealth Albanian Hydro Ventures, Inc. (CAHV), held accounts in those banks containing large sums of money. McMann allegedly used these and other fraudulent documents as part of his fraudulent scheme to obtain money and other consideration from various individuals in the Boston area and elsewhere. Specifically, the indictment alleges that McMann utilized the fraudulent bank documents to secure at least $450,000 in loans, as well as to convince a creditor to whom he owed over $1.6 million to forestall foreclosure on various properties developed by McMann.
If convicted McMann faces up to 20 years’ imprisonment to be followed by three years of supervised release and a fine of up to $250,000 or twice the amount of loss inflicted by his fraud, whichever is greater, on each count.
U.S. Attorney Carmen M. Ortiz; Steven Ricciardi, Special Agent in Charge of the United States Secret Service; Richard DesLauriers, Special Agent in Charge of the Federal Bureau of Investigation – Boston Field Division; and John Gibbons, United States Marshal for the District of Massachusetts made the announcement. The case is being prosecuted by Assistant U.S. Attorney Vassili Thomadakis of Ortiz’s Economic Crimes Unit.
Any individual who believes that they may have been a victim of McMann, should contact the United States Attorney’s Office by e-mail at:USAMA.VictimAssistance@usdoj.gov. The details contained in the indictment are allegations. The defendant is presumed to be innocent unless and until proven guilty beyond a reasonable doubt in a court of law.