Anthony Riccitelli, Participation in Loan with Financial Institution, Massachusetts 2019

Bank Officer Pleads Guilty to Loan Scheme in Massachusetts

Anthony Riccitelli, a 60-year-old bank officer from Somerset, Massachusetts, pleaded guilty to participating in a loan with a financial institution. The crime occurred in July 2019, when Riccitelli loaned $80,000 to Diecast Connections Company, Inc., based in Chicopee, at the same time that he served as a bank officer for Blue Hills Bank.

Riccitelli proposed that Blue Hills Bank enter into a $4.2 million loan package with Diecast without disclosing to Blue Hills Bank the $80,000 in private loans he had made to Diecast. Shortly after the closing on the loan, Riccitelli received $80,000 of the loan proceeds, unbeknownst to Blue Hills Bank.

The charging statute provides for a sentence of up to 30 years in prison, five years of supervised release and a fine of $1 million. Sentences are imposed by a federal district court judge based upon the U.S. Sentencing Guidelines and other statutory factors.

According to the U.S. Attorney's Office, Riccitelli admitted to the illegal loan scheme during a guilty plea hearing in federal court in Springfield. U.S. District Court Judge Mark G. Mastroianni scheduled sentencing for December 11, 2019.

The U.S. Attorney's Office and the Internal Revenue Service's Criminal Investigation in Boston announced the guilty plea today. Assistant U.S. Attorney Alex J. Grant of Lelling's Springfield Branch Office is prosecuting the case.

Riccitelli's guilty plea marks a significant victory for law enforcement in the fight against financial crimes. The case highlights the importance of transparency and accountability in the banking industry.

Defendant: Anthony Riccitelli, 60, of Somerset, Massachusetts

Criminal Charges: Participation in loan with financial institution

City and State: Springfield, Massachusetts

Date: July 2019 (charged by information)

Sentence: Sentencing scheduled for December 11, 2019

Dollar Amounts: $80,000 (private loan to Diecast Connections Company, Inc.) and $4.2 million (loan package with Blue Hills Bank)

Source: https://www.justice.gov/usao-ma/pr/somerset-man-pleads-guilty-illegal-participation-bank-loan