Jonathan Smith, Defrauding a Financial Institution, West Virginia 2016

Defrauding a financial institution is a serious crime that can have severe consequences. In West Virginia, one man has pleaded guilty to this very offense.

Jonathan Smith, a 35-year-old man from Parkersburg, West Virginia, pleaded guilty to defrauding a financial institution by making false statements on a loan application. This crime occurred in June 2016 when Smith applied for and received a loan of $505,000 from the Wood County Federal Credit Union.

According to court documents and statements made in court, Smith made false statements on the loan application to influence the action of the credit union. He misrepresented his monthly gross income and falsely stated that he was the owner of M&J Towing. Additionally, he misrepresented that he was using the $505,000 to purchase a 1963 Corvette that he valued at $1.2 million, when in fact, Smith had already purchased the Corvette for $35,000 and the actual fair market value of the automobile was less than $50,000.

Smith’s actions are a clear example of the severity of defrauding a financial institution. His plea deal will likely result in severe consequences, including a prison sentence.

On December 8, 2021, Smith will face a maximum sentence of 30 years in prison. This sentence will be determined by Senior United States District Judge John T. Copenhaver, Jr. Assistant United States Attorney Christopher Arthur is handling the prosecution.

The investigative work of the United States Secret Service has been commended by Acting United States Attorney Lisa G. Johnston. Her office has been working tirelessly to bring Smith to justice and ensure that he is held accountable for his actions.

Defrauding a financial institution is a crime that can have far-reaching consequences. It is essential to report any suspicious activity to the authorities immediately. If you have any information regarding this case or any other financial crimes, please contact the authorities.

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