United States of America v. Jose Bello

Boston, Massachusetts, criminal defense lawyer represented the Defendant charged with defrauding investors who believed they were funding short-term, high-return loans for real estate transactions or storm damage repair.

Jose Bello, Age 38, told investors that he worked with a group that would invest its money in short-term financing that Bello variously referred to as “private lending,” “gator lending” or “hard-money lending.” It is alleged that Bello recruited investors through friends and family and over Facebook and Discord. Bello allegedly gave investors fake descriptions of the investment opportunities and claimed that the loans were for repairs caused by storm damage. It is alleged, however, that Bello did not invest any of the funds he received from victim investors. Instead, Bello allegedly used the money to pay purported returns to earlier investors and otherwise gambled with investor funds. It is further alleged that Bello made false statements and excuses to investors as to why he had not made promised interest payments and/or could not return the investors’ principal. It is alleged that Bello obtained at least $5.7 million from investors and caused them to lose at least $1.8 million in purported investments.

The charge of wire fraud provides for a sentence of up to 20 years in prison, three years of supervised release and a fine of up to $250,000 or twice the gross gain or loss from the offense, whichever is greater. Sentences are imposed by a federal district court judge based upon the U.S. Sentencing Guidelines and statutes which govern the determination of a sentence in a criminal case.

United States Attorney Leah B. Foley and Ted E. Docks, Special Agent in Charge of the Federal Bureau of Investigation, Boston Division made the announcement today. Assistant U.S. Attorney David M. Holcomb of the Criminal Division is prosecuting the case.

The details contained in the charging documents are allegations. The defendant is presumed innocent unless and until proven guilty beyond a reasonable doubt in a court of law.