Fugitive Weston Real Estate Devloper Indicted on Wire Fraud Charges

A Weston real estate developer has been charged with three counts of wire fraud after an indictment was unsealed in federal court in Boston on Friday, Aug. 5, officials said.

Between October and November 2008, Paul John McMann, 52, and his company, Commonwealth Albanian Hydro Ventures, Inc. (CAHV), bought fraudulent bank documents and used them to obtain money from individuals in the Boston area, according to a press release from the U.S. Dept. of Justice.

McMann used the fraudulent bank documents, including “Proof of Funds” letters on Bank of America and Wachovia Bank letterhead, to show he and his company had large sums of money, the press release said.

Using the documents, McMann secured at least $450,000 in loans, and convinced a creditor to whom he owed more than $1.6 million to forestall foreclosure on properties he owned, the press release said.

McMann remained at-large until July 10 when he was detained in Cyprus. He was turned over to the U.S. Marshals Service on Aug. 4, the press release said.

McMann could face up to 20 years in prison followed by three years supervised release, and a fine up to $250,000, or twice the amount of loss inflicted by the fraud, whichever is greater, according to the press release.

A detention hearing for McMann will be held before U.S. Magistrate Jude Jennifer C. Boal on Aug. 10.

Anyone who believes they may have been a victim of McMann can contact the United States Attorney’s Office by e-mail at USAMA.VictimAssistance@usdoj.gov.