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Real-estate broker charged with defrauding investors
By adamg on Sat, 08/29/2015 - 11:52am
Daniel J. Flynn, III, 52, of Milton, who ran a real-estate firm at 161 Granite Ave. in Dorchester, was arrested on federal wire-fraud charges this week.
According to the US Attorney's office, Flynn got people to loan him money to buy property his company already owned, sometimes based on fraudulent promissory notes he showed to the investors to convince them he had lots of money coming in with which to repay them.
According to an affidavit by the FBI agent who investigated the case, Flynn used money from later investors to pay off earlier investors who had sued him after he didn't repay them.
The affidavit also says Flynn used nearly $100,000 from one investor to finish the basement of his Milton home, rather than to buy the condo building in Quincy that, in fact, he already owned.
Some of the evidence against Flynn came from a bookkeeper he hired - and who allegedly took some of Flynn's ill-gotten gains with him when he quit, for which he himself was arrested.
Innocent, etc.
Neighborhoods:
| Attachment | Size |
|---|---|
 FBI affidavit in the Flynn case | 106.73 KB |
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Comments
Lot more where he came from
Real estate agents and brokers are a step below used car salesman.
as someone who has done this for forty years,
a few people stigmatize the majority. Danny was a blowhard whose ego outstripped his abilities years ago. Any time people interact with money at stake, there is the opportunity for someone to do the wrong thing. If he was acting as a fiduciary without proper oversight, the system worked. If people's greed outstripped their common sense, shame on them too. I haven't yet heard of him putting a gun to anybody's head. This isn't the first time this has happened and it won't be the last, unfortunately. Caveat emptor.
There's an old saying that
There's an old saying that you can't con an honest man.
Many cons involve trying to convince the mark to do something unethical or outright illegal. (Think of the Nigerian scams for example, where the scammer is basically asking the mark to help him launder money, bribe bureaucrats, etc.). And for the cons that don't involve dishonesty such as that, they almost always pray on people's, as you say, greed, outweighing their "too good to be true" instinct.
The Dorchester Part is A Stretch
Yes, he does have a Dorchester office but this has only been for a short while a la James Loney's or Adam LaRoche's time with the Sox. He was always based out of the old Bank of New England building in Quincy Center until he lost it recently
Flynn is pure purile Quincy. This Mr. Bigshot is a mini Madoff who may (hopefully) take a number of Quincy's political establishment with him. He used to walk around and act like he owned half on Newbury Street when he was ponzi scheming on 1920's vacant downtown Quincy buildings. The real estate bubble left him hugely exposed. Screw him.
Why are you so defensive?
Most people wouldn't have concluded Adam LaRoche bad = Dorchester bad.
You seem to have an unusually defensive attitude to anything Dorchester. Why is that? Do you sell real estate there or something?
Should say Milton real estate broker
Rather than every time someone has any connection to Dorchester, linking that neighborhood to crime/ criminals
1. Getting Facts Straight is part of it
And two I grew up there and I am stable, well educated, and never been shot at much to many people's surprise.
BD, You seem to dislike Dorchester. You must be one of those people who doesn't understand the dynamic of the city's largest area.
Doth protest too much
Comes to mind.
Re: and I am stable
Please.
What did Tom Koch know
and when did he know it?
I dont think in any world he
I dont think in any world he would consider himself a dorchester real estate broker. But since the only stories you report on in dorchester are the shit ones by all means call him a dorchester real estate biker.
Did you know adam that fox zip trip was in adams corner on friday? That's in dorchester -! Mo shootings though so not worthy.
Theresa ONell
Technically, Neponset II Park
Technically, Neponset II Park. Not Adam's Corner.
Flynn is from Quincy
"Just because the cat has her kittens in the oven doesn't make them biscuits". He's from Quincy not Dot.
You convinced me
I took Dorchester out of the headline.
Why take Dorchester out of the headline?
Last I checked, 161 Granite Avenue is Dorchester. Why delete that fact? FBI was crawling all over the place on Thursday, in Dorchester. What else is no longer Dorchester? Eire? Florian? Hemingway Park? Political correctness instead of facts is really sickening.
You would have a case ...
If he were more than peripherally involved in Dorchester, like, say, those people who went to prison a few years back for flipping condos in Dorchester. And if tha had been the case, I wouldn't have changed the headline.
But, the alleged crimes involved a property in Quincy, he lived in Milton, and the only reason he ended up in an office building on the Neponset was because he set up a new company to try to evade the people after him for the Quincy property. And as others have noted here, he was pretty well known in Quincy. For what it's worth, the FBI and the DoJ identified him as a Milton resident.