Bin Lu, Bank Fraud Conspiracy & Unregistered Firearm, Massachusetts 2021

A Westford man has agreed to plead guilty to conspiring to commit bank fraud and possessing an unregistered firearm, according to a federal indictment unsealed in Boston.

Bin Lu, 49, has agreed to plead guilty to one count of conspiracy to commit bank fraud and one count of possession of an unregistered firearm.

Lu was arrested and charged in January 2021 with conspiracy to violate provisions of the National Firearms Act (NFA). According to the charging documents, Lu and a co-conspirator sought to build a large indoor shooting range, which would service both regional and international customers, as well as offer shooting clinics and other services.

However, in applying for loans from federally insured financial institutions, Lu and his co-conspirators hid the true source of their initial funding from the banks and filed false documents in connection with their loan applications.

Lu also knowingly possessed a firearm that had been modified by the addition of a folding stock, resulting in its classification as a short-barreled rifle (SBR) under the NFA. The SBR was not registered to Lu in the National Firearms Registration and Transfer Record as required by the NFA.

The charge of conspiracy to commit bank fraud provides for a sentence of up to 30 years in prison, up to five years of supervised release and a fine of $1 million, or twice the gross gain or loss, whichever is greater. The charge of possession of an unregistered firearm provides for a sentence of up to 10 years in prison, up to three years of supervised release and a fine of $10,000. Sentences are imposed by a federal district court judge based upon the U.S. Sentencing Guidelines and other statutory factors.

The investigation was conducted by the Homeland Security Investigations in Boston, the U.S. Department of State, Diplomatic Security Service, Boston Field Office, the U.S. Postal Inspection Service in Boston, and the Internal Revenue Service’s Criminal Investigations in Boston, with special assistance from the Westford Police Department.

Assistant U.S. Attorney Eugenia M. Carris, Deputy Chief of Mendell’s Public Corruption & Special Prosecutions Unit, is prosecuting the case.

Source: https://www.justice.gov/usao-ma/pr/westford-man-agrees-plead-guilty-bank-fraud-conspiracy-and-national-firearms-act