A New England business leader is facing the consequences of a multi-million dollar bank fraud scheme. Arnold Hanson, 66, of Nashua, New Hampshire, was sentenced yesterday by Chief Judge Christina Reiss to six months of home confinement and six months of curfew as part of a three-year term of supervised release.
Hanson, the part owner and Chief Executive Officer of Isaacson Structural Steel, Inc. (ISSI), was convicted of conspiracy to make false statements to a financial institution. He was ordered to pay $300,000 in restitution by January 1, 2017.
The scheme involved submitting inflated figures for assets of ISSI, including inventory, to banks participating in loans totaling over $12 million, including a $2 million loan guaranteed by the Small Business Administration in late 2010.
ISSI fabricated steel used in commercial construction and entered into construction contracts to provide not only the steel for commercial buildings but also to provide subcontractor services, principally the erection of the steel.
Several weeks ago, ISSI’s CFO Steven Griffin was sentenced to two years of home confinement based on his guilty plea to submitting false financial statements.
According to court records, between August 2007 and April 2011, ISSI officers regularly submitted false and inflated figures to the banks regarding the value of ISSI’s assets.
This week, David Driscoll, ISSI’s outside accountant, agreed to settle a related, civil bank fraud case and agreed to pay a total civil penalty, though the amount was not specified in the press release.
Related Federal Cases
- Jennifer Stocker, Bank Fraud, Vermont 2023 · New Hampshire
- Arnold Hanson, Conspiracy to Make False Statements to a Financial Institution, New Hampshire 2017 · New Hampshire
- Misti Baker, Medicaid Program Fraud, Vermont 2012 · Indiana
- Jody Lathrop, Mail & Tax Fraud, Vermont 2024 · Indiana
- Adnan S. Khan, Health Care Fraud, Vermont 2024 · New Hampshire
Key Facts
- State: Vermont
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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