Baltimore Man Sentenced in Investment Fraud Case - WBOC-TV 16, Delmarvas News Leader, FOX 21 -

Baltimore Man Sentenced in Investment Fraud Case

Posted:

BALTIMORE (AP)- A Baltimore man has been sentenced to more than three years in prison and ordered to pay back $16 million in what prosecutors say was an investment fraud scheme.

Brian McCloskey was sentenced Tuesday in federal court in Baltimore after he pleaded guilty to conspiracy to commit wire fraud.

Prosecutors say McCloskey owned a real estate business and conspired with a home builder and an escrow agent to persuade financial entities to loan funds to McCloskey's company for real estate development projects.

In return for the loans, prosecutors say McCloskey and his partners promised to pay substantial rates of interest. But prosecutors say the lenders were defrauded of more than $20 million.

Others convicted in the case have been sentenced to between three and 15 years in prison.

  • Delmarvawide NewsDelmarvawide NewsMore>>

  • Judge Won't Reconsider Nixing of Political Balance on Courts

    Judge Won't Reconsider Nixing of Political Balance on Courts

    May 23, 2018 10:44 PM2018-05-24 02:44:00 GMT
    Wednesday, May 23 2018 10:44 PM EDT2018-05-24 02:44:51 GMT
    A federal judge has rejected Democratic Gov. John Carney's request to reconsider her ruling invalidating a state mandate for political balance on Delaware's courts.More
    A federal judge has rejected Democratic Gov. John Carney's request to reconsider her ruling invalidating a state mandate for political balance on Delaware's courts.More
  • Small Town Shopping Award

    Small Town Shopping Award

    May 23, 2018 10:40 PM2018-05-24 02:40:00 GMT
    Wednesday, May 23 2018 10:40 PM EDT2018-05-24 02:40:01 GMT
    Berlin and Lewes were named one of the best small towns of shopping by USA Today readers.More
    Berlin and Lewes were named one of the best small towns of shopping by USA Today readers. More
  • Boardwalk Barriers Installed in Ocean City

    Boardwalk Barriers Installed in Ocean City

    May 23, 2018 10:36 PM2018-05-24 02:36:00 GMT
    Wednesday, May 23 2018 10:36 PM EDT2018-05-24 02:36:29 GMT
    OCEAN CITY, Md--In Worcester County, Ocean City officials are beefing up security this summer by installing new boardwalk barriers. "We're installing barriers to prevent vehicles from accessing the boardwalk, we want to make sure that we are better safe tMore
    OCEAN CITY, Md--In Worcester County, Ocean City officials are beefing up security this summer by installing new boardwalk barriers. "We're installing barriers to prevent vehicles from accessing the boardwalk, we want to make sure that we are better safe tMore
  • Most Popular StoriesMost Popular StoriesMore>>

  • Dover Police: Pair Arrested With 113 Bags of Heroin

    Dover Police: Pair Arrested With 113 Bags of Heroin

    May 23, 2018 10:04 AM2018-05-23 14:04:00 GMT
    Wednesday, May 23 2018 10:04 AM EDT2018-05-23 14:04:13 GMT
    Major Foster and Javon YoungMajor Foster and Javon Young
    Major Foster and Javon YoungMajor Foster and Javon Young
    A traffic stop in Dover, Delaware led to the arrests of two men and the seizure of 113 bags of heroin.More
    A traffic stop in Dover, Delaware led to the arrests of two men and the seizure of 113 bags of heroin.More
  • Boardwalk Barriers Installed in Ocean City

    Boardwalk Barriers Installed in Ocean City

    May 23, 2018 10:36 PM2018-05-24 02:36:00 GMT
    Wednesday, May 23 2018 10:36 PM EDT2018-05-24 02:36:29 GMT
    OCEAN CITY, Md--In Worcester County, Ocean City officials are beefing up security this summer by installing new boardwalk barriers. "We're installing barriers to prevent vehicles from accessing the boardwalk, we want to make sure that we are better safe tMore
    OCEAN CITY, Md--In Worcester County, Ocean City officials are beefing up security this summer by installing new boardwalk barriers. "We're installing barriers to prevent vehicles from accessing the boardwalk, we want to make sure that we are better safe tMore
  • Police Still Searching for Missing Rehoboth Beach Man

    Police Still Searching for Missing Rehoboth Beach Man

    May 23, 2018 3:05 PM2018-05-23 19:05:00 GMT
    Wednesday, May 23 2018 3:05 PM EDT2018-05-23 19:05:08 GMT
    Edwin AnnoEdwin Anno
    Edwin AnnoEdwin Anno
    State troopers are continuing their search for a Rehoboth Beach, Delaware, man reported as missing two weeks ago.More
    State troopers are continuing their search for a Rehoboth Beach, Delaware, man reported as missing two weeks ago.More
Powered by Frankly

All content © Copyright 2000 - 2018 WBOC. All Rights Reserved. For more information on this site, please read our Privacy Policy, and Terms of Service, and Ad Choices