A
Connecticut real estate agent has been sentenced to prison for his involvement in a multi-year scheme that involved fraudulent short sales. James Macchio, the 46-year-old manager of a Glastonbury-based agency, allegedly defrauded clients by conducting fake short sales on government and bank-owned properties.

    Macchio was ordered to serve 42 months in prison and two years under supervised release during a court appearance in Boston. He must also forfeit over $621,000 and pay more than $2.5 million in restitution. The scheme involved using straw buyers to acquire properties owned by banks and other mortgage holders, as well as setting up a shell company that posed as a construction firm.

    Macchio hid his identity as a buyer of short sale properties and minimized sale prices to increase profits from flipping the properties. He also submitted fake renovation bids to clients, hiring different contractors at lower costs and pocketing the difference. Additionally, Macchio is accused of fraudulently obtaining a pandemic relief loan.

    Macchio's attorney praised the judge for imposing a fair sentence, citing a 65% reduction in the recommended prison time. Another co-conspirator, Sheldon Haag, was sentenced to a year in prison last October.