Quincy real estate mogul admits to defrauding investors
A longtime fixture in Quincy’s real estate community known for hosting the city’s annual St. Patrick’s Day luncheon has pleaded guilty to bilking 10 investors out of at least $9.5 million.
The Patriot Ledger reports that Daniel Flynn III pleaded guilty on Wednesday in Boston federal court to seven counts of wire fraud and two counts of mail fraud.
Flynn cut a plea deal with federal prosecutors in which the U.S. Attorney’s office is suggesting that he spend no more than five years and 10 months in prison.
The 53-year-old former businessman and auctioneer said he made some “bad decisions.”
Prosecutors say Flynn actually swindled closer to 150 victims out of $21 million by soliciting investments to “buy” a property he already owned near Quincy Center.