Guilty Plea in Escrow Theft

Rachel Dollar —  May 2, 2017 — Leave a comment

Michael Pampalone, 34, of Elizabeth, New Jersey, pled guilty  to defrauding a Rensselaer, New York, resident of $132,450.

As part of his guilty plea, Pampalone admitted that he stole money that he had promised to hold in escrow for a client seeking a mortgage. After the client sent him two wires totaling $132,450, Pampalone withdrew the money and used it for his own purposes.

Sentencing is scheduled for August 9, 2017 at 10:30 a.m. before United States District Judge Mae A. D’Agostino. Pampalone faces up to 20 years in prison, a maximum fine of $250,000, and up to 3 years of post-imprisonment supervised release. A

The announcement was made by United States Attorney Richard S. Hartunian and Shelly A. Binkowski, Inspector in Charge, United States Postal Inspection Service (USPIS), Boston Division.

This case was investigated by the United States Postal Inspection Service and New York State Police, and is being prosecuted by Assistant United States Attorney Wayne A. Myers.

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