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Real estate scammer gets almost 7 years in prison

January 29, 2019

BOSTON (AP) — The architect of a nearly $2 million real estate investment scam who spent more than two decades on the lam before his arrest in 2017 has been sentenced to nearly seven years in prison.

Federal prosecutors say 69-year-old Scott Wolas, formerly of Quincy, was also sentenced Monday to three years of probation and ordered to pay full restitution to his victims, $69,000 to Social Security and Medicare, and more than $318,000 to the Internal Revenue Service.

Wolas had already been a fugitive since 1997 after he fled following his indictment on fraud and grand larceny charges in New York, when he settled in Quincy in 2009.

Prosecutors say he used an alias and solicited investments in a beachfront redevelopment project, but used investor money mostly on personal expenses.

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