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East Point Real Estate Developer Pleads Guilty to Mortgage Fraud

PRESS ADVISORY

East Point Real Estate Developer Pleads Guilty to Mortgage Fraud

February 14, 2011

Nicholas Piccirilli, who posed as a real estate developer and investor, pled guilty last Friday to one count of residential mortgage fraud. Piccirilli was sentenced by Judge Kelly Lee in Fulton County Superior Court under the Georgia First Offender Act to five years probation and $90,000 restitution. Special conditions of probation are that he cannot be employed in the real estate business and cannot apply for, nor obtain, any professional license relating to real estate. 

In 2005, Piccirilli purchased a vacant lot in a residential subdivision in East Point for $21,000. Piccirilli then separately approached two investors about investing in this property. On June 14, 2006, the first investor gave Piccirilli $100,000 for a 50% interest in this property. Piccirilli executed a quitclaim deed in favor of the first investor. This deed was signed and notarized, but not filed. On February 23, 2007, Piccirilli sold the same lot, which was still undeveloped, to the second investor for $90,000. The sale was recorded and the second investor took out a loan with a bank for $81,000. The first investor’s interest in the property was not disclosed to the second investor or the bank, and the first investor was not told the lot had sold. Piccirilli received approximately $87,000 in proceeds from the closing.

The criminal investigation of Piccirilli was overseen by Detective Roger Marbut of the Roswell Police Department, and Assistant Attorney General Greg Lohmeier prosecuted Piccirilli on behalf of the State of Georgia.