Related Federal Cases
$30M Bank Fraud Scheme Lands CFO 20 Months
Former Chief Financial Officer Thomas Torre was sentenced to 20 months in prison for his role in a $30 million bank fraud scheme at Metro Fuel Oil Corp.
Torre, 63, of Albertson, New York, submitted false certificates to New York Commercial Bank (NYCB) from 2007 to 2012, overstating the company’s accounts receivable to secure a revolving line of credit.
The bank relied on the false information to determine how much Metro Fuel could borrow, and the company eventually filed for bankruptcy, owing NYCB over $30 million.
Torre pleaded guilty in 2015 to conspiring to commit bank fraud and was ordered to forfeit $800,000 in criminal proceeds.
The sentencing was announced by Robert L. Capers, United States Attorney for the Eastern District of New York, who thanked the Federal Bureau of Investigation for leading the investigation.
The case was handled by the Office’s Business and Securities Fraud Section, with Assistant United States Attorneys William P. Campos and Brian Morris leading the prosecution.
The charges were brought as part of the President’s Financial Fraud Enforcement Task Force, which has filed over 18,000 financial fraud cases against more than 25,000 defendants since fiscal year 2009.
Key Facts
- State: New York
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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