Financial Crime Prosecution and Sentencing in Virgin Islands: Real Estate Agent Convicted of Embezzling Millions
=====================================================
In a significant victory for justice, a real estate agent on St. Thomas was convicted and sentenced to restitution for embezzling millions of dollars from clients between 2008 and 2010.
Background
Rosemary-Sauter Frett, the accused, fled the territory in 2010 after allegations of embezzlement surfaced but was eventually extradited from California in 2014. The Virgin Islands Department of Justice (DOJ) had been investigating Sauter-Frett’s activities since 2008.
Conviction and Sentencing
According to the DOJ, Sauter-Frett initially pleaded not guilty but changed her plea to no contest on August 1, 2023. As part of her plea agreement, she agreed to pay restitution totaling $564,355.65 to 21 victims. The sentence includes strict conditions aimed at ensuring compliance and restitution.
Terms of Sentencing
- Sauter-Frett will continue to be electronically monitored until the full amount of restitution is paid.
- She is required to sell two properties on St. Thomas to satisfy the debt.
- Her work activities are restricted; she is not allowed to occupy any position that involves trust, authority, or fiduciary responsibility.
Reaction from Attorney General
The attorney general commended the Department of Justice prosecution team and expressed hope that the sentencing provides closure to the victims of Sauter-Frett’s actions. “Justice has finally been served,” said Attorney General Ariel M. Smith. “We make every effort to prosecute these defendants in a manner that is most beneficial to the victims, particularly when they are owed large sums of money.”
Alternative Sentencing
The attorney general emphasized that while incarceration would have been appropriate, the victims will be made whole once restitution is paid. If restitution is not made, probation may be revoked and a five-year prison sentence imposed.
Conclusion
This case serves as a reminder of the importance of holding individuals accountable for their actions, particularly in cases involving financial crimes. The successful prosecution and sentencing of Sauter-Frett sends a strong message that embezzlement will not be tolerated in the Virgin Islands, and that those who engage in such activities can expect to face serious consequences.