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"I don't like this book because it don't got know pictures" Chief Rhorerer

“It’s becoming a disturbingly familiar scene in America - mentally unstable cops”

“It’s becoming a disturbingly familiar scene in America - mentally unstable cops”
“It’s becoming a disturbingly familiar scene in America - mentally unstable cops”

Former cop gets five years in federal prison for $4.8 million real estate con




James Monahan, 44, the owner of Panam Management Group Inc., pleaded guilty to mail and wire fraud charges earlier this year. Monahan duped people into investing money in a dicey Dominican Republic real estate deal, and then misused the funds.
BY BARBARA ROSS
A former NYPD sergeant was sentenced to nearly five years in federal prison Friday for duping people into investing $4.8 million in a dicey real estate deal in the Dominican Republic and then misusing the funds.
The project was never built and the investors lost all their money.
James Monahan, 44, the owner of Panam Management Group Inc., pleaded guilty to mail and wire fraud charges earlier this year. Starting in 2008, he touted his position in the police department as proof that he was trustworthy.
Prosecutors said that for a year, Monahan, of Manhattan, lured investors while his partner, attorney Edward Adams, put their customers’ money into an escrow account.
Almost immediately, Adams withdrew the money without telling the investors.
To hide the theft, prosecutors said, Monahan — who’ll spend 58 months behind bars — forged a letter on a major bank claiming the funds were safely deposited.