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William Lilly Agrees to Pay $5 Million to Settle Federal Civil Lawsuit Alleging Concealment of Ownership of a Multi-Million Dollar Real Estate Business, Reports U.S. Attorney.

Publication: PR Newswire
Publication Date: 06-MAR-02 		Format: Online - approximately 1211 words
Delivery: Immediate Online Access

Article Excerpt
BOSTON -- United States Attorney Michael J. Sullivan, Jack Smith, Deputy General Counsel of the Federal Deposit Insurance Corporation, and Robert Ryan, Chief Probation Officer of the U.S. Probation Office for the District of Massachusetts, announced today that WILLIAM LILLY, the self-described "Condo King" of the 1980's, agreed to pay the United States $5 million to settle a civil lawsuit that alleged he conspired with four individuals to conceal his ownership of a multi-million dollar real estate business in order to escape paying a $5 million criminal restitution order.

In 1991, LILLY was convicted in federal court in Massachusetts of bank fraud and sentenced to five years in prison, and ordered to pay $5 million in restitution to the Federal Deposit Insurance Corporation ("FDIC").

A civil lawsuit was subsequently brought by the United States alleging that LILLY built and operated the real estate business known as Bay Communities while serving his sentence at Allenwood Federal Prison ("Allenwood"). The lawsuit also alleged that the other named individuals: VALERIE KAAN, formerly of Lynnfield, Massachusetts and now residing with LILLY in Boca...

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