Rhode Island State Police allege in an affidavit that mob associate Frederick "Freddy" Carrozza netted $2,007,088 from the sale of 375 Ocean Road in Narragansett.
Carrozza listed the home in 2005 for $1.5 million but couldn't sell it.
Police allege in 2006, Carrozza sold the home to Dr. Timothy O'Brien and his brother, Eugene O'Brien, for $2.4 million. The home was valued at about $900,000.
The alleged scheme involved Dr. Timothy O'Brien lying on a mortgage application and getting a $2.2 million mortgage for the purchase of the Ocean Road home and the sale proceeds going to Carrozza.
And as part of the scheme, state police allege that Dr. Timothy O'Brien netted $100,000 and that Eugene O'Brien netted $95,000 from Carrozza for their alleged cooperation in buying Carrozza's home for the inflated price.
Carrozza once operated the Coin-O-Matic company next door to the then-headquarters of the late La Cosa Nostra boss in New England, Raymond L.S. Patriarca.
State police said their investigation into the sale of Carrozza's home is ongoing and that Carrozza is the focus of that investigation.
A lawyer for Dr. Timothy O'Brien said his client is not guilty.
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