Weston Real Estate Developer Guilty of Wire Fraud

A Weston real estate developer and entrepreneur was found guilty Thursday in a Boston federal court on three counts of wire fraud, according to the U.S. Department of Justice.

An indictment issued in November 2010 stated that Paul John McMann, 54, 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 that he and his company had large sums of money, which allowed him to borrow at least $450,000 in loans convince a creditor to whom he owed more than $1.6 million to forestall foreclosure on various properties developed by McMann.

According to the press release, McMann could face up to 20 years in jail, as well as three years of supervised release, and fines up to $250,000 or twice the amount of loss inflicted by his fraud, whichever is greater, on each count. U.S. District Judge Rya W. Zobel scheduled sentencing for June 27.

McMann remained at large from the time of his indictment in November 2010, until he was detained in Cyprus in July 2011; he has been held since then.

Individuals who believe that they may have been a victim of McMann, should contact the United States Attorney’s Office at: USAMA.VictimAssistance@usdoj.gov.