Deceptive Real Estate Practices, Exorbitant Interest Rates Alleged In Attempt To "Steal" Property

In Worcester, Massachusetts, the Worcester Telegram & Gazette reports:

• The owner of [a] Boston Hill property joined a growing list of businessmen and developers yesterday who have accused David G. “Duddie” Massad and Commerce Bank and Trust of operating a criminal enterprise that engaged in loan sharking, racketeering, extortion, fraud and conspiracy.

• Charles T. Sanderson III of Kingston, who owns the 118-acre Boston Hill property that straddles Shrewsbury, Westboro and Northboro, charged in federal court papers that Mr. Massad, of Westboro, his daughter, Pamela Massad of Westboro, Commerce Bank and Trust Co., and Gemstone Investment Company of Worcester operated a criminal organization that used illegally high interest rates and deceptive real estate transactions in an attempt to steal the property from him. Mr. Sanderson also alleged that Mr. Massad’s actions forced him into bankruptcy. He asked a jury to award him $40 million in damages.

For more, see Property owner accuses Massad (Extortion, racketeering alleged).

In related stories, see:

• (1-18-09) Area mob figure alleges ties to LBM Financial (Mastrototaro claims he’s among those ripped off),
• Judge delays Boston Hill auction (A federal judge has temporarily halted a foreclosure auction on the Boston Hill property, without ruling on allegations of racketeering and loan sharking made against local businessman David G. “Duddie” Massad).

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