An East Northport man was sentenced Tuesday to 3½ years in federal prison after pleading guilty to his involvement in a $3.2 million loan scam that targeted Bank of America.
Gary Confredo, 61, who operated Goldstar Financial Management Corp. in Commack, was sentenced by U.S. District Judge Joan Azrack to 42 months in federal prison plus three years of probation. Confredo, also known as Gary Conte, must forfeit his profits from the scheme, which was estimated at $140,000, and pay nearly $1.1 million in restitution to Bank of America.
Prosecutors had recommended a sentence of between 57 and 71 months in prison.
“The defendant’s scheme of submitting fraudulent applications for commercial loans and lines of credit to Bank of America was full of lies and deception,” U.S. Attorney Breon Peace said in a statement. “So with today’s sentence the defendant learns a powerful truth: that cheating financial institutions for personal gain will be punished and the cost is significant.”
While operating Goldstar from November 2016 to October 2019, prosecutors said Confredo illegally helped some of his clients secure commercial loans by submitting phony tax returns, bank statements and other documents that inaccurately inflated their finances. For his services, Confredo’s clients paid him a portion of the loan.
Altogether, the scheme led Bank of America to issue $3.2 million in loans and lines of credit. The bank lost about $1 million when Goldstar’s clients failed to pay the money back.
Confredo’s lawyer, Joshua Kirshner, said that Confredo had concocted the banking scam to help pay off his gambling debts. He has since made strides in overcoming his gambling addiction, Kirshner said, and the judge’s decision to give him a smaller-than-recommended prison sentence reflected that.
“Mr. Confredo is looking forward to putting this episode behind him and leading a law-abiding life,” Kirshner said.
An East Northport man was sentenced Tuesday to 3½ years in federal prison after pleading guilty to his involvement in a $3.2 million loan scam that targeted Bank of America.
Gary Confredo, 61, who operated Goldstar Financial Management Corp. in Commack, was sentenced by U.S. District Judge Joan Azrack to 42 months in federal prison plus three years of probation. Confredo, also known as Gary Conte, must forfeit his profits from the scheme, which was estimated at $140,000, and pay nearly $1.1 million in restitution to Bank of America.
Prosecutors had recommended a sentence of between 57 and 71 months in prison.
“The defendant’s scheme of submitting fraudulent applications for commercial loans and lines of credit to Bank of America was full of lies and deception,” U.S. Attorney Breon Peace said in a statement. “So with today’s sentence the defendant learns a powerful truth: that cheating financial institutions for personal gain will be punished and the cost is significant.”
While operating Goldstar from November 2016 to October 2019, prosecutors said Confredo illegally helped some of his clients secure commercial loans by submitting phony tax returns, bank statements and other documents that inaccurately inflated their finances. For his services, Confredo’s clients paid him a portion of the loan.
Altogether, the scheme led Bank of America to issue $3.2 million in loans and lines of credit. The bank lost about $1 million when Goldstar’s clients failed to pay the money back.
Confredo’s lawyer, Joshua Kirshner, said that Confredo had concocted the banking scam to help pay off his gambling debts. He has since made strides in overcoming his gambling addiction, Kirshner said, and the judge’s decision to give him a smaller-than-recommended prison sentence reflected that.
“Mr. Confredo is looking forward to putting this episode behind him and leading a law-abiding life,” Kirshner said.
Source: newsday.com
