A Connecticut man who managed a real estate agency has been sentenced to federal prison in connection with a flipping scheme he was involved in with others in Massachusetts.
James Macchio, 46, of Glastonbury faced sentencing Thursday in federal court in Boston where he was handed down a 42-month prison term which will be followed by two years of supervised release, according to the U.S. Attorney’s Office for the District of Massachusetts .
Federal officials said he was also ordered to forfeit $621,579 and to pay at least $2,567,154 in restitution. The sentencing comes after Macchio, in May 2024, pleaded guilty to one count of conspiracy to commit wire fraud.
According to officials, Macchio and another real estate agent, identified as Sheldon Haag, used straw buyers to acquire properties owned by the clients of Macchio’s brokerage, which included banks, federal agencies, bankruptcy trustees and other mortgage holders. The straw buyers included a shell company that was set up by a co-conspirator as a purported construction company, according to authorities.