PROVIDENCE, R.I. (WPRI) – Joseph Mollicone, the ex-fugitive whose multimillion-dollar embezzlement scheme triggered the Rhode Island banking crisis in 1991, is again in trouble for failing to make restitution payments.
In August, Magistrate Gina Lopes determined Mollicone, 81, was in violation of the conditions of his probation and revoked all of his good-time credits.
The order means Mollicone will now be on probation through July of 2033. He was supposed to be out from under probation in September.
Mollicone is also barred from earning further good-time credits that would chip away at his time on probation moving forward.
In a separate order, Lopes also reduced his required monthly restitution payments from $270 to $70, slowing to a trickle his rate of repaying $12 million to Rhode Island taxpayers. Mollicone has previously claimed financial hardship.
Court spokesperson Lexi Kriss said Mollicone has paid roughly $54,000 in restitution since he started making payments when he was released from prison in 2002.