BOSTON – A former self-proclaimed Salem real estate developer has been convicted by a federal jury in Boston in connection with a 10-year mortgage fraud scheme involving at least two dozen fraudulent loan transactions totaling $6.5 million and resulting in more than $3.8 million in losses to lenders.

George Kritopoulos, 50, of Salem, was convicted on May 27, 2022, of one count of conspiracy, two counts of wire fraud, six counts of bank fraud, one count of aiding the preparation of a false income tax return and one count of obstruction of justice. U.S. District Court Judge Patti B. Saris scheduled sentencing for Sept. 29, 2022. Kritopoulos was charged in September 2018 along with co-defendants Joseph Bates III and David Plunkett.

“Mr. Kritopoulos held himself out to be a prominent real estate developer and believed he was above the law. This guilty verdict makes it clear that he is not,” said United States Attorney Rachael S. Rollins. “Mr. Kritopoulos and his co-conspirators thought they could line their pockets by victimizing innocent lenders and borrowers. When the scheme began unraveling, Mr. Kritopoulos attempted to have his co-conspirators create phony documents, but they refused. In an interview, Mr. Kritopoulos lied to investigators. We are committed to holding those who engage in this type of behavior accountable.”

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