PROVIDENCE – A Superior Court magistrate has declared Joseph Mollicone Jr. , the once fugitive embezzler whose theft triggered Rhode Island’s banking crisis , in violation of his probation for failing to pay his monthly restitution payments in full.
Magistrate Gina Lopes revoked 81-year-old Mollicone’s good-time credits for failing to make payments, meaning he will now be under probation an additional seven years and nine months, through 2033.
His term had been set to expire in 2025.
Lopes also precluded Mollicone from earning good-time credits in the future that would shave time off his supervision.
Assistant Attorney General J. Patrick Youngs III moved this summer to have Mollicone found in violation of his probation.
“While he has made monthly payments, he has consistently made payments significantly less” than what was imposed by the court, Youngs said.
In a recent order, Lopes also reduced Mollicone’s monthly restitution payments toward the approximately $11.9 million he owes to Rhode Island from $270 to $70, according to court records.