Greenfield Woman Hid $486k from Bank

BOSTON – Marlene Borer, 68, pleaded guilty to concealing nearly half a million dollars from a federally insured financial institution.

According to the plea agreement, Borer’s brother and his then-wife owed Wells Fargo Bank approximately $1.32 million in outstanding loans in August 2011. In March 2012, Borer, who was acting as her brother’s bookkeeper, received approximately $1.1 million in her Massachusetts bank account.

$486,000 of the $1.1 million judgment belonged to Borer’s brother and his then-wife. A few days after Borer received the money, her brother e-mailed her to ‘keep [the] bulk’ of their funds in her account because ‘Wells Fargo might be conducting an asset search on us to try and recover the judgments.’ Borer distributed their funds from her account as he requested.

On or about May 24, 2012, Borer prepared a false personal financial statement for her brother and his then-wife, stating that they only had $4,200 in the bank. Borer’s brother provided the personal financial statement to Wells Fargo, which relied upon it to negotiate their debt.

On Oct. 31, 2012, Borer’s brother and his then-wife executed a settlement agreement with the bank, in which Wells Fargo agreed to forgive their personal obligations in exchange for a payment of $50,000. Wells Fargo would not have settled for $50,000 had it known that Borer’s brother and then-wife had received $486,000 in cash from the Honduran judgment.

U.S. District Court Judge Mark G. Mastroianni scheduled sentencing for Dec. 19, 2018. The conspiracy charge provides for a sentence of no greater than five years in prison, up to three years of supervised release, and a fine of $250,000. The false statements charge provides for a sentence of no greater than 30 years in prison, up to five years of supervised release, and a fine of $250,000.

United States Attorney Andrew E. Lelling and Kristina O’Connell, Special Agent in Charge of the Internal Revenue Service, Criminal Investigation, New England Field Division made the announcement. Assistant U.S. Attorney Steven H. Breslow of Lelling’s Springfield Branch Office is prosecuting the case.

MORE FEDERAL CRIME NEWS

White Collar Crime

Arab Ship Management Ltd., Violating the Act to Prevent Pollution from Ships, Delaware 2014

May 20, 2014

White Collar Crime

Ramirez-De Jesus, Wire Fraud, West Virginia 2013

Jan 15, 2013

White Collar Crime

De Leon Dominguez, Wire Fraud, New Jersey 2023

Jan 15, 2023

White Collar Crime

Cabral Chamorro, Wire Fraud, California 2012

Jan 15, 2012