Michael Howard Clott, aka Michael Howard, 60, of New York, pleaded guilty yesterday to three counts of mail fraud and three counts of wire fraud. According to a release from US Attorney Carmen Ortiz's office, Clott was accused of trying to bilk a homeowner of the proceeds from the sale of his Hyannis waterfront property.
According to court documents, Clott represented himself to clients as an attorney and financial executive. Clott reportedly convinced a real estate broker to sell a client's Hyannis property at half its value ($2.8 million), then turn the proceeds over to Clott to generate an after-tax benefit equivalent to the client's asking price. Clott took the funds and instead, deposited them in a personal account. His scheme was discovered before Clott was able to cover up the transaction.
Clott will be sentenced on December 13 and faces up to 20 years in prison, followed by supervised release and a fine of $250,000 on each of the six counts against him ($1.5M). Under the terms of a plea agreement, a sentence of 137 to 162 months, or 11 to 13.5 years, will be recommended.
While implementing the Cape Cod scheme, Clott was a fugitive from a federal criminal case in New York. His Massachusetts sentence will be served concurrently with the 259 months (21.5 years) he was charged with by New York last month.