Today a federal judge in Boston sentenced Sheldon Haag, 34, of Glastonbury, CT. to one year and one day in prison for conspiracy to commit wire fraud.
According to a press release from the U.S. District Attorney’s Office:
Haag and another real estate agent, James Macchio, used straw buyers to acquire properties owned by the clients of a brokerage where they worked, which included banks, federal agencies, bankruptcy trustees and other mortgage holders. The straw buyers included a shell company set up by a co conspirator as a purported construction company. Haag and his co-conspirators hid their involvement as the de facto buyers of short sale properties from their clients, the owners of the properties, and used their inside knowledge as the owner’s broker to minimize sale prices in order to maximize their gain from later “flipping” the properties.
Haag pleaded guilty in June 2023. Following his prison sentence, Haag will have two years of supervised release. He was also ordered to forfeit $277,331 and to pay restitution.