Salem home builder gets year in jail for stealing deposit money

BRENTWOOD - A Salem home builder was sentenced to a year in jail after he took a deposit for construction costs and spent the money on personal items.

The underlying conduct occurred in 2019 and 2020, while Thomas Gioseffi, 69, of Salem, owned and operated the general contracting company Gio Realty, LLC. An investigation by the Consumer Protection and Antitrust Bureau revealed that, on Nov. 11, 2019, Gioseffi and the fraud victim signed a contract to build his home. On Nov. 11, 2019, and Nov. 25, 2019, Gioseffi collected $50,000 in deposit funds from the victim, but Gioseffi spent it on other projects and personal expenses. For these acts, he pleaded guilty to theft by unauthorized taking.

The investigation also revealed that, on April 22, 2020, Gioseffi requested a construction loan disbursement of $34,150 to pay a subcontractor for performing site work. He received this disbursement from tbe victim's construction loan on April 29, 2020. After receiving this disbursement, Gioseffi did not pay the subcontractor for site work. He spent most of the money on other projects and on personal expenses. For these acts, he pleaded guilty to theft by misapplication.

On the theft by unauthorized taking charge, the Court on Friday sentenced Gioseffi to 12 months in the House of Corrections, stand committed. On the theft by misapplication charge, the Court sentenced him to serve 2 to 4 years in the New Hampshire State Prison, all of which is suspended for 4 years from his date of release.

As a condition of the suspended sentence, Gioseffi is ordered to pay $84,150 in restitution to the victim and is enjoined from soliciting or accepting any advance payment for the duration of his suspended sentence.