Real Estate Agent Charged with Diverting Funds

Rachel Dollar —  May 2, 2017 — Leave a comment

Ignacio Beato, 46, Hazleton, Pennsylvania, was charged in a one count criminal information on April 26, 2017, with conspiracy to engage in monetary transactions through a financial institution, with funds that were the proceeds of wire fraud.

The information alleges that Beato, who was a licensed real estate agent, and his coconspirators, engaged in interstate wire communications and Beato falsely represented to potential real estate purchasers that he was authorized to sell vacant conventional and Federal Housing Administration insured mortgaged properties in Hazleton, Pennsylvania, when in fact, he did not have such authority.

The information further alleges that Beato solicited and accepted money in the total amount of $751,082 from individuals who believed they were purchasing properties. Beato and his coconspirators fraudulently converted that money to their own personal use.

The United States also filed a plea agreement, which is subject to the approval of the Court, wherein it is indicated that Beato intends to plead guilty to the charges when he appears in federal court for his arraignment.

United States Attorney Bruce D. Brandler made the announcement.  The case was investigated by the Internal Revenue Service, the Housing and Urban Development Office of the Inspector General, the Department of Homeland Security, the Pennsylvania State Police, and the Luzerne County District Attorney’s Office. Assistant U.S. Attorney Jenny P. Roberts is prosecuting the case.

The maximum penalty under federal law for this offense is 10 years of imprisonment, a term of supervised release following imprisonment, and a fine.

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Rachel Dollar

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