Chesterfield house flipper gets 9 years for $1.2 …
A Chesterfield builder has been sentenced to 9 years in prison after he stole $1.2 million from lenders with the help of a paralegal and what prosecutors called “a species of Ponzi scheme.”
Joshua Brian Romano, 40, owned at least three businesses that flipped homes in the Richmond area, relying on outside investors to finance the purchases and up-front costs of renovating the homes. But that money was legally restricted to be used only on the projects that it was lent for, managed by a local law firm working on behalf of the investors.
Romano and a paralegal at that firm, Lindsay Epps Passmore, have now been convicted of circumventing those safeguards so that Romano could withdraw money from the law firm’s accounts as he pleased, spending money meant for new projects on older ones that had fallen behind, even as his debt grew ever more unmanageable.
https://www.wric.com/news/local-news/chesterfield-county/chesterfield-house-flipper-gets-9-years-for-1-2-million-ponzi-scheme/