Bank Fraud Lands Marion Man in Prison for 27 Months
A former business owner from Marion, Iowa, has been sentenced to over two years in prison for bank fraud. David Giannetto, 63, received the prison term after a guilty plea to one count of bank fraud on May 23, 2018.
Giannetto, who previously operated a freight business, created fake documents for his bank to secure financing. He produced numerous fraudulent invoices that he provided to his bank, purporting to show he had performed work for various customers. The documents were then sold to the bank to continue receiving financing.
According to information at sentencing, Giannetto submitted more than 600 fraudulent invoices in a two-year period. As a result, the bank loaned him more than $850,000 that he was unable to repay before closing his business and declaring bankruptcy.
Giannetto was sentenced in Cedar Rapids by United States District Court Judge Linda R. Reade. He was ordered to make $872,065 in restitution to his bank and serve a five-year term of supervised release after the prison term. Giannetto was released on the bond previously set and is to surrender to the United States Marshal on December 31, 2018.
The case was prosecuted by Assistant United States Attorney Anthony Morfitt and investigated by the Federal Bureau of Investigation. The case file number is 18-cr-20 and can be found at https://ecf.iand.uscourts.gov/.
Giannetto’s sentence serves as a reminder of the consequences of bank fraud. The public can follow the US Attorney’s Office on Twitter @USAO_NDIA for updates on cases like this one.
Key Facts
- State: Iowa
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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