A man accused of selling an elderly woman’s home to a straw buyer and keeping nearly all the profits for himself was arraigned Thursday in Boston Municipal Court, according to the Suffolk County District Attorney’s Office.
Kyle Pam, 27, is charged with larceny over $250 from an elderly person, perjury, embezzlement by a fiduciary, and money laundering, authorities said.
The 68-year-old Mattapan woman and her brother came into contact with Pam when he offered to sell the Sanford Street family home they had inherited, which was in need of renovations but valued at $250,000, according to the DA’s office. There were unpaid taxes and utilities for the property. The two siblings appointed Pam as the personal representative of the estate in February.
Pam allegedly sold the home for $140,000 in April and provided documentation stating that he had transferred the deeds to a buyer, authorities said. A later investigation revealed that Pam knew the woman who had reportedly bought the property, and that she immediately sold it to another, prearranged buyer for $232,000, according to the DA’s office. The woman, who The Boston Globe identified as Pam’s girlfriend, then allegedly transferred more than $117,000 back to Pam.
This left the 68-year-old woman, who had been living in the home prior to the closing, without a home or money to purchase a new one. Pam allegedly dropped her off at the Pine Street Inn homeless shelter.
Investigators do not believe the second buyer is responsible for any wrongdoing in purchasing the home from Pam’s girlfriend.
Authorities said the ongoing investigation has recovered more than $80,000 from Pam.
Pam’s bail was set at $10,000, and he was ordered to stay away from the two former homeowners, according to the DA’s office.