A New York man who recently plead guilty to causing damage to homes so he could charge homeowners to fix it faces a potential stint in federal prison.
The New York Office of the Federal Bureau of Investigation announced that Louis Cordasco, Jr. pleaded guilty on July 21 in Manhattan federal court to participating in a scheme to commit insurance fraud in connection with the flooding of several multi-million dollar homes. According to the superseding Information to which Cordasco, pleaded guilty, other documents filed in the case, and statements made during the guilty plea proceeding:
From January 2003 through February 2005, Cordasco and others engaged in a scheme to defraud insurance companies by submitting false and misleading insurance claims and supporting documents for water damage caused by broken pipes at several homes purchased by Cordasco's co-conspirators in a related mortgage fraud scheme.
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