Man admits debt-payment scam -- Page 1 -- Times Union - Albany NY
Man admits debt-payment scam -- Page 1 -- Times Union - Albany NY: "ALBANY -- A former Scotia plumber has pleaded guilty in federal court to duping hundreds of people out of millions of dollars by promising to make their mortgages and other debts vanish.
In admitting his guilt, Kenneth G. Titus Sr., 61, of Glen Avenue, faces a maximum term of up to 20 years in prison for mail fraud, and 10 years for money laundering, along with up to three years' supervised release and a $250,000 fine.
According to the terms of the plea deal he accepted on Friday, however, imprisonment is more likely to range from between 33 to 44 months.
Titus also consented to forfeit more than $2.4 million in fraud proceeds, which will be used to pay back his victims, federal officials said."
In admitting his guilt, Kenneth G. Titus Sr., 61, of Glen Avenue, faces a maximum term of up to 20 years in prison for mail fraud, and 10 years for money laundering, along with up to three years' supervised release and a $250,000 fine.
According to the terms of the plea deal he accepted on Friday, however, imprisonment is more likely to range from between 33 to 44 months.
Titus also consented to forfeit more than $2.4 million in fraud proceeds, which will be used to pay back his victims, federal officials said."
posted by Adrian Eyre at 2:44 PM
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