A former Massachusetts man has been found guilty of hiding $486,000 from a federally insured financial institution.
Jeffrey Borer, 59, pleaded guilty to one count of conspiracy to make false statements to a federally insured financial institution and one count of false statements to a federally insured financial institution.
Borer and another person owed Wells Fargo Bank approximately $1.32 million in outstanding loans in August 2011.
When Borer’s sister received $1.1 million in her Massachusetts bank account in March 2012, she was told to ‘keep the bulk’ of the funds and only transfer what was needed to pay bills.
Borer’s sister then prepared a false personal financial statement for Borer, stating that he and the other person only had $4,200 of cash in the bank.
The false statement was provided to Wells Fargo, which relied on it to negotiate their debt. As a result, Borer was able to settle his debt with the bank for just $50,000.
Borer’s sister also pleaded guilty to the same charges in September 2018 and is scheduled to be sentenced on April 25, 2019.
Jeffrey Borer faces up to 30 years in prison, a maximum of five years of supervised release, and a fine of $250,000 for his crimes.
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Key Facts
- State: Massachusetts
- Category: White Collar Crime|Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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