By Staff Reporter | iSkyCreations – News & Media (ISC News & Media)
Published Feb 18th 2024
In a significant legal development, Franklin A. Olaitan, a 51-year-old real estate investor from Beltsville, Maryland, has been sentenced to 40 months in prison after being convicted of wire fraud related to the theft of a residential property in Northwest Washington D.C. The sentencing, delivered on February 16, 2024, by U.S. District Court Judge Paul L. Friedman, also includes three years of supervised release, during which Olaitan is barred from buying or leasing any properties. Additionally, Olaitan has been ordered to pay $580,663.73 in restitution, alongside a $111,159.63 criminal forfeiture money judgment and a $100 assessment.
The case, prosecuted by Assistant U.S. Attorneys Diane Lucas and Christopher Howland, unfolded after Olaitan pled guilty to one count of wire fraud on August 15, 2023, before U.S. District Court Judge Carl J. Nichols. As part of his plea agreement, Olaitan admitted to orchestrating the filing of a false deed to transfer the property to his name, which he subsequently resold, pocketing the proceeds and causing over $600,000 in losses to various victims.