Jeffrey Borer, Conspiracy to Hide Money, Massachusetts 2012
BOSTON — In a shocking turn of events, Jeffrey Borer, a 59-year-old man from Hatfield, Massachusetts, has pleaded guilty to his role in a conspiracy to hide $486,000 from a federally insured financial institution.
According to court documents, Borer and another individual owed Wells Fargo Bank approximately $1.32 million in outstanding loans in August 2011. However, in March 2012, Borer's sister received approximately $1.1 million in her Massachusetts bank account, which related to a judgment from a Honduran court. The share of these funds belonging to Borer and the other person was $486,000.
A few days later, Borer sent an email to his sister 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 on the judgments.' Borer's sister distributed their funds from her account as he requested.
On or about May 24, 2012, Borer's sister prepared a false personal financial statement for Borer, stating that he and the other person only had $4,200 of cash in the bank. Borer provided the statement to Wells Fargo, which relied upon it to negotiate their debt. On October 31, 2012, Borer executed a settlement agreement with Wells Fargo, in which the bank agreed to forgive Borer's personal obligations in exchange for a payment of only $50,000.
The false statements charge provides for a maximum sentence of thirty years in prison, a maximum of five years of supervised release, and a fine of $250,000. Sentences are imposed based upon the U.S. Sentencing Guidelines and other statutory factors.
Borer 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. U.S. District Court Judge Mark G. Mastroianni scheduled sentencing for July 17, 2019.
Key Facts
- State: Massachusetts
- Category: White Collar Crime|Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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