Homebuilder convicted in $18M scheme

Associated Press

COLUMBUS

A luxury homebuilder in suburban Columbus has been convicted in federal court in what prosecutors said was an $18 million loan scheme.

Thomas Parenteau faces a maximum of 130 years in prison when sentenced in the next three months. The 46-year-old Parenteau was convicted Saturday of bank and wire fraud, tax conspiracy and other charges.

Federal prosecutors said Parenteau sold luxury homes at inflated prices to buyers who later received kickbacks. The case involved 11 defendants, including Parenteau’s former mistress, who pleaded guilty to conspiracy charges and agreed to wear a recording device to help the government with its case.

Parenteau served as his own attorney at his trial, telling the jury that he’s an entrepreneur, not a criminal.

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