Man pleads guilty to defrauding 5 NH people of more than $625,000 as a fugitive
CONCORD — Ronald Mason, 47, pleaded guilty to a mail fraud scheme involving theft of over $625,000 from five New Hampshire residents.
Mason was previously sentenced to 33 months in prison and three years of supervised release in October 2004.
During Mason's sentence, Scott Farrar and Farrar's business associate, Donald Dodge, who operated under the name of Financial Resources Management (FRM), pled guilty to a Ponzi scheme that involved the theft of more than $30 million from FRM customers. Farrar and Dodge made false promises to some FRM investors telling them that their money would be used to finance the construction of a condo complex in Concord.
When Mason was released from prison, he got away from his supervision and a warrant was issued for his arrest. He used a false last name, Badalucci, to moved to Concord.
Mason sent letters to more than 100 people that were defrauded by Farrar and Dodge promising them to invest their money in the same condo complex as before. The letter invited the victims to be a part of a plan that would add additional condos to be constructed and sold.
Three victims responded to the letter and met wit Mason, they were not aware that mason was a fugitive from justice. The victims gave more than $475,000 to Mason over a 30-month period.
At the same time, Mason borrowed more than $150,000 from two other residents who agreed to hide his fugitive status and being promised that the loans would be repaid.
The sentencing hearing is scheduled for Sept. 13.