A Nahant woman and a Winthrop man have faced their sentences after pleading guilty to charges of wire fraud and tax evasion. According to the U.S. Attorney's Office, Gary P. DeCicco, 65, has already served his 15-month prison sentence and is now subject to three years of supervised release, while 61-year-old Pamela M. Avedisian will endure a year of supervised release, with the first four months under home confinement. Both defendants are jointly responsible for paying $425,754 in restitution and to forfeit another $650,000.
The duo's indictment and subsequent sentencing follow their admission to misleading the IRS and conspiring in a "short sale" fraud. The case laid out by federal prosecutors depicted DeCicco's assertions to the IRS about his inability to pay a considerable tax liability, which stood in stark contrast to his actual financial maneuvers involving several assets concealed to dodge tax obligations. Avedisian, in conspiracy with DeCicco, engaged in a fraudulent short sale of her mortgaged Nahant property, misrepresenting their shared commitments to the mortgage holder.
Details provided by the U.S. Attorney's Office reveal that between April 2012 and February 2013, DeCicco falsified information regarding his assets, while post-acceptance of the IRS's monthly payment plan, he actively concealed and amassed further assets with Avedisian's aid.
Pertaining to the property in Nahant, DeCicco and Avedisian intentionally hid their romantic and business affiliations from a loan servicing company to secure approval for a short sale. This process occurred despite Avedisian's financial capability, illustrated by a $3.5 million sale of another asset to DeCicco just prior to the short sale transaction. U.S. Attorney Joshua S. Levy, alongside officials from the FBI and IRS, announced the sentences, which were prosecuted by Assistant U.S. Attorneys of the Public Corruption & Special Prosecutions Unit. This scheme, now concluded with sentences, highlighted the intricate lengths individuals might journey to subvert the financial system.
