ERIE, Pa. – In a shocking case of financial deceit, a Florida man has been caught red-handed in a massive bank fraud scheme that spanned nearly a decade.
Andres Prieto, 34, pleaded guilty to one count of bank fraud before United States District Judge David S. Cercone in federal court. The guilty plea marks a significant milestone in a case that has been ongoing since 2013.
According to court documents, Prieto and his co-defendants engaged in a ‘loan program’ that involved falsifying bank loan documents and supporting documentation to obtain auto and consumer loans and lines of credit from 21 banks and credit unions between January 2009 and January 2013.
The scheme, which was uncovered by the United States Secret Service, involved a complex hierarchy of ‘brokers’, ‘managers’, ‘processors’, and ‘straw borrowers’ who worked together to perpetuate the fraud.
Assistant United States Attorney Marshall J. Piccinini is prosecuting the case on behalf of the government, and United States Secret Service conducted the investigation that led to Prieto’s prosecution.
Prieto’s sentencing is scheduled for July 31, 2017, at 1:30 p.m. The law provides for a total sentence of 30 years in prison, a fine of $1,000,000, or both. Under the Federal Sentencing Guidelines, the actual sentence imposed will be based on the seriousness of the offense and Prieto’s prior criminal history, if any.
Prieto remains on bond pending sentencing.
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Key Facts
- State: Pennsylvania
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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