A 55-year-old man from Fresno, California, has been sentenced to 7 years in federal prison for his role in a $1.5 million fraud scheme.
Andrew Adler, 55, was sentenced on [date] in the District Court for the Eastern District of California after pleading guilty to charges of bank fraud and aggravated identity theft.
According to court documents, Adler, a former businessman, operated a complex scheme that involved using stolen identities to obtain millions of dollars in loans from several banks.
Adler’s scheme, which ran from 2010 to 2015, involved using fake identities and fake companies to obtain loans from several banks, including Wells Fargo and Bank of America.
The loans, which totaled over $1.5 million, were used to fund Adler’s personal expenses and business ventures, rather than for the intended purpose of funding legitimate business operations.
Adler was arrested in 2015 and charged with multiple counts of bank fraud and identity theft. He pleaded guilty in 2016 and was sentenced to 7 years in federal prison.
The case was investigated by the Fresno Forfeiture Unit and the FBI, with assistance from the U.S. Attorney’s Office for the Eastern District of California.
Adler’s sentencing is a significant blow to those who thought they could get away with committing white-collar crimes. We hope this case serves as a warning to others who would seek to engage in similar activities.
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Key Facts
- Agency: U.S. Federal Court
- Category: White Collar Crime|Fraud & Financial Crimes
- Source: Official Source ↗
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