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Former attorney Levitt pleads guilty
Charged with bank fraud and tax evasion
Updated: Wednesday, 01 Feb 2012, 3:41 PM EST
Published : Wednesday, 01 Feb 2012, 3:39 PM EST
PROVIDENCE, R.I. (WPRI) - Former RI attorney James D. Levitt, 66, pleaded guilty Wednesday to three counts of bank fraud and two counts of filing false tax returns.
Levitt faces up to 96 years in federal prison with a fine of $3.3 million when he is sentenced on April 19.
He admitted that he applied for and received three mortgages based on fraudulent information between July 2006 and November 2007.
Levitt also confessed to offering assistance to an acquaintance with financial problems by using two of his mortgages to buy properties using false information
After the closings, Levitt deposited almost $270,000 into his bank accounts and used the money for business and personal expenses. Eventually, the two properties foreclosed.
Levitt also admitted to failing to disclose his tax filings in October 2007 and 2008.
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