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A businessman with South of South ties will spend 26 months in jail for involvement in a fraud scheme.
On Monday, Joseph N. Reilly, whose eponymous real estate entity once included a location at 1725 South St., received his sentence for diverting more than $1 million in client funds to himself between January 2009 and April ’11, U.S. Attorney spokeswoman Patty Hartman said. He pleaded guilty on May 29, ’14 to having defrauded approximately 50 clients.
The 59-year-old, according to Hartman, acted as a property manager for the individuals, collecting rent and utilities payments for owners. He also paid utility and real estate tax bills, mailing statements to tenants and property owners. At least one statement indicated that the balance in the owner’s account was $490,565.58, when it was actually $86.80.
U.S. District Court Judge L. Felipe Restrepo also ordered restitution of $668,856, two years of supervised release and a $100 special assessment.
To report information, call South Detectives’ tip line at 215-685-1635 or visit www.phillypolice.com/
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