A Greek man was sentenced to eight years imprisonment on Tuesday in Boston for defrauding developers of 7.9 million dollars, part of which came from a West Springfield financial adviser who stole the money from his clients.
The 49-year-old Evripedes Georgiadis, from Larisa, Greece, was convicted for fraud and money laundering in May. Judge Nathan M. Gorton sentenced Georgiadis to eight years and six months in prison, and ordered him to pay 8.4 million dollars in restitution.
A press release from the IRS Criminal Investigation Boston office said that during 2007-2011, the Greek man pretended to be a representative of a multi-billion dollar fund in Luxembourg. He and co-conspirators John Condo, Michael Zanetti and Frank Barecich had convinced their victims to deposit money in the fake BBDA Global Investment Fund, claiming that they are investing in large-scale development projects. They created fake letters of credit and made up a New Zealand bank to reassure investors. Then they transferred the money out of the country and pocketed it.
According to a 2012 article by “The Republican,” the men had taken 600,000 dollars from financial adviser Sean Mansfield, who had already stolen that money from clients.
Mansfield was sentenced to five years in prison in 2011 for stealing 3 million dollars.
The case was investigated by the IRS-CI office in Boston, the U.S. Department of Labor and the FBI.
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