Conspiracy to Defraud Financially Distressed Homeowners

Conspiracy to Defraud Financially Distressed Homeowners

Indictment Details Charges in Conspiracy to Defraud Financially Distressed Homeowners, Financial Institutions

PROVIDENCE (STL.News) A Johnston-based real estate investment firm, the company’s founder, and a person who held himself out to be a negotiator on behalf of financially distressed homeowners but who was, in reality, associated with the real estate investment firm, have been indicted by a federal grand jury on charges they participated in a series of schemes to defraud homeowners and financial institutions.

It is alleged in the indictment that members of the conspiracy, Gregory F. Alosio, 60, of Johnston, his real estate investment company, Alosio Group, LLC, which also did business as Quietstorm Professional Services, and John DiFruscio, Jr., 68, of North Providence, who is associated with Quietstorm Professional Services, conspired to fraudulently obtain properties from financially distressed homeowners; fraudulently obtained fees, commissions, and other income associated with the rental, use and short sale of homeowners’ properties; fraudulently purchased properties in short sales and illegally “flipped” them for significant personal gain; and defrauded several financial institutions.

It is alleged in the indictment that as part of the conspiracy, co-conspirators held themselves out as negotiators who, for a fee, could assist in keeping properties from being foreclosed upon. 

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