fb-pixel Skip to main content

Remember Joe Mollicone? It’s going to take thousands of years for him to make good on his restitution

His outstanding balance, which includes other court fines and costs, is $12,459,926.50, according to the courts’ spokesman

This article originally appeared in the Rhode Map newsletter. If you would like to get the newsletter as a convenient e-mail Monday through Friday, just sign up here.

Happy Tuesday! I’m Dan McGowan and I’d like to apologize in advance for the Knicks-related openers you’re going to read from me. I’m picking Bucks over Mavs in the NBA Finals this year. Follow me on Twitter @DanMcGowan or send tips to Dan.McGowan@globe.com.

Coronavirus updates

Rhode Island has a high level of transmission: 166.2 total new cases per 100K population in the past 7 days

Fully vaccinated: 729,227 (of about 1.1 million residents)


New cases: 618 (since Friday)

Test-positive rate: 2.9 percent

Currently hospitalized: 106Total deaths: 2,861

More stats from the R.I. Department of Health. Globe Rhode Island COVID-19 news and resources. Subscribe to our Coronavirus Next newsletter

Leading off

There’s a better chance of any of us meeting “The Jetsons” than there is of 78-year-old Joseph Mollicone Jr. ever making good on full restitution payments for embezzling millions of dollars from Heritage Loan and Investment Co., which led to the infamous state banking crisis in 1991.

Since the beginning of the COVID-19 pandemic, Mollicone has lowered his restitution payments to $250 a month, down from a high of $300 a month between 2017 and 2019. His outstanding balance, which includes other court fines and costs, is $12,459,926.50, according to courts spokesman Craig Berke.

“Joe Mollicone’s monthly restitution payments have fluctuated over the years, based on his ability to pay,” Berke wrote in an e-mail. “He originally started with $30 payments and gradually worked up to as much as $300. Lately it has dropped to $270 and then $250 per month. He has had a change in his ability to pay. Whatever he pays, he pays on time each month.”


Mollicone, who was on the run in Utah for a few years before turning himself in in 1992, served 10 years in prison for fraud and embezzlement. He was released in 2002. There’s a great episode of the “Crimetown” podcast that focused on Mollicone’s crimes.

Prosecutors claimed he embezzled more than $15 million from Heritage, although he was prosecuted for stealing $12 million. His actions led to the collapse of the Rhode Island Share and Deposit Indemnity Corporation (RISDIC), which prompted then-governor Bruce Sundlun to shut down dozens of local banks shortly after he was inaugurated in 1991. It took years for some residents to recover their money from the frozen accounts.

Mollicone’s next restitution review is scheduled for Dec. 14, Berke said.

The Globe in Rhode Island

⚓ My latest column: We hear so much about things that aren’t working in Washington, D.C. But revisions to the Public Service Loan Forgiveness program are going to make a difference to real people, and Senator Sheldon Whitehouse helped make that happen. Read more.

⚓ Unlike in neighboring states, Rhode Island does not require just cause for eviction. And you end up with heartbreaking stories like this one. Read more.

⚓ A decorated detective who won in arbitration for paid leave to recover from post-traumatic stress disorder has opted to retire, rather than fight against the Pawtucket Police Department in court. Read more.

⚓ A design company’s mix of food and goods is helping to revitalize Tiverton Four Corners. Read more.

Also in the Globe

⚓ With early voting set to begin later this week, City Councilor Michelle Wu appears to hold a dominant position in the Boston mayoral race, maintaining a lead of more than 30 percentage points over Councilor Annissa Essaibi George in a new Suffolk University/Boston Globe/NBC10 poll of likely voters. Read more.


⚓ My colleague Larry Edelman offers the best explainer I’ve read on what these giant university endowment increases actually mean. Read more.

⚓ The baseball gods appear to be rooting for the Red Sox against the mini evil empire that is the Houston Astros. Read more.

Our journalism relies on support from readers like you. Please help us continue our mission with a subscription to the Globe. Here’s a special deal for Rhode Island.

What’s on tap today

E-mail events to us at RInews@globe.com.

⚓ Governor Dan McKee and Lieutenant Governor Sabina Matos will hold their regular press conference at 2 p.m.

⚓ The state’s special legislative commission on land use meets at 2 p.m. Here’s the agenda.

⚓ The Globe is hosting a virtual event at noon that will feature a discussion on how big data can solve critical challenges.

My previous column

Governor McKee has spent too much time complaining about the referees rather than setting a clear agenda for the state. If you missed the column, you can read it here. And all of my columns are on our Rhode Island Commentary page.

Rhode Island Report podcast

Ed Fitzpatrick talks to Jennifer Rourke of the Rhode Island Political Cooperative about its slate of 50 progressive candidates. Listen to all of our podcasts here.


Boston Globe App

You can get alerts about Rhode Island news on the Globe’s app (iOS and Android). Just tap the gear icon, then “Edit Alert Settings,” and choose Rhode Island.

Thanks for reading. Send comments and suggestions to dan.mcgowan@globe.com, or follow me on Twitter @DanMcGowan. See you tomorrow.Please tell your friends about Rhode Map! They can sign up here. The Globe has other e-mail newsletters on topics ranging from breaking news alerts to sports, politics, business, and entertainment — check them out.

Dan McGowan can be reached at dan.mcgowan@globe.com. Follow him on Twitter at @danmcgowan.