On Friday, Aug. 27, Patrick M. Reidy, of 7 Erinn Court in Gansevoort, was convicted of grand larceny in the second degree, a felony, according to Saratoga County District Attorney James Murphy’s office.
Reidy’s conviction stems from a scheme where he stole money from real estate closes and diverted it for his own purposes, instead of paying of mortgages and other loans, according to information from Murphy’s office. Reidy, 48, would then make minimum monthly payments on the mortgages and other loans instead of closing them out and paying them in full.
Murphy said Reidy admitted he stole property and agreed to pay back more than $2 million.
Murphy provided an example of one of Reidy’s `schemes.`
`Mr. Reidy collected funds to pay off a mortgage of over $270,000 at closing. Rather than fulfilling his fiduciary duty and paying that off, he began making monthy payments on the outstanding balance. Several months later, when the victim went to apply for a new mortgage on a new home, the previous mortgage Reidy was supposed to have paid off shoed up on her credit report,` said Murphy, who said the victim then reported the incident to Saratoga Springs Police Department, which launched an investigation and discovered Reidy’s doings.
Murphy said a number of other victims consequently came forward after Reidy was arrested and his story reported.
Reidy reportedly has a home worth more than $600,000 in Wilton, a BMW, a Lincoln and an interest in property in Tobago, according to information from Murphy’s office.
Sentencing has been scheduled for Oct. 22, where Murphy said his office will ask that a sentence of five to 15 years be imposed in a state correctional facility. Reidy will be ordered to pay around $2.37 million to 19 victims within 10 years.
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