Daniel J. Flynn, III of Daniel J. Flynn, & Co., Inc. of Quincy has been indicted by The United States Attorney’s Office, District of Massachusetts as detailed in a release dated August 28th, 2015 and entitled “Milton Man Charged with Wire Fraud in Real Estate Investment Fraud Scheme“. The Patriot Ledger ran a story on October 2nd, 2015 entitled “Quincy real-estate mogul Daniel Flynn pleads innocent to federal fraud charges: Daniel J. Flynn III, a high-profile Quincy real estate broker and auctioneer, has pleaded innocent to charges of wire fraud and mail fraud.” I’ve seen this indictment coming since 2013.
I always research the history of properties that I’m interested in selling. It can be a boring and tedious process but it makes me a more informed real estate broker. In the case of 157 Hancock Street, I learned that the property was controlled by Daniel J. Flynn III through an entity known as 157 Hancock Street, LLC. I Googled “Daniel J. Flynn III” and was surprised because I expected Daniel J. Flynn & Co., Inc to be the first result but the first result instead yielded “FlynnAuctions.org“, a site which is dedicated to helping expose the allegedly fraudulent activities that Daniel J. Flynn III was perpetrating. The site is run by a person named G. M. Heller of Bethesda, MD.
Daniel P. McLaughlin & Co. Auctioneers, LLC handled the eventual auction of 157 Hancock Street, Quincy back in 2013. There’s now a new apartment building on 157 Hancock Street but there was the opportunity to build a small hotel on the site. A two bedroom apartment known as 157 Hancock Street, Unit 6 is currently on the market for $2,000 per month. If the unit rents for $2,000 then it will rent for more than the average two bedroom apartment in Quincy. I still believe those developers and investors who passed on 157 Hancock Street were wrong. I couldn’t convince any of the developers or investors that I work with to pull the trigger.
It seems that Daniel J. Flynn III was running an investment vehicle called Bayfield Opportunity Fund 1, L.P. but he was allegedly robbing Peter to pay Paul and also using some of the funds for himself. By many accounts, Daniel J. Flynn III was hard working and well liked. The Boston Globe even ran a story to that effect on May 7th, 2015 entitled “Auctioneer Dan Flynn puts the fun in fundraising“. I don’t remember ever meeting Dan so I can’t give you my personal opinion of him. His auction business seemed to be thriving. He also owned a real estate brokerage business. The question is: “What drives people to steal money from innocent people?”
I’m assuming the fraud was promulgated by a combination of an inflated ego and a responsibility to his family. I can’t imagine that Daniel J. Flynn III went into this investment venture with the objective of stealing other peoples’ money. I’m assuming that the beginning of the end began with the real estate crash of 2007. The Boston Business Journal ran a story on July 21st, 2010 entitled “Daniel Flynn entity dodges foreclosure bullet” which may have been the beginning of his financial troubles.
As an aside, The Boston Globe seems to run puff pieces on local real estate personalities before they’re indicted. Michael David Scott is another example of a local real estate personality profiled by The Boston Globe who was later indicted. Does The Boston Globe reach out to these personalities in order to fill column inches or do these personalities reach out to The Boston Globe in order to feed their egos?
I’ve heard through the grapevine that Daniel J. Flynn III’s family and friends are collecting money in order to get his wife and kids into a house. Fraud is a sad story that rarely ends well for anybody. It didn’t end well for Bernie Madoff or his family.