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Fresno Man Sentenced to Over 5 Years in Prison for Investment Fraud, Bank Fraud, and Tax Evasion
In a brazen scheme that spanned over three years, Kenneth Shane Patterson, 44, of Fresno, California, defrauded a small business owner out of $1 million and stole from Bank of America in a check-kiting scheme.
According to court documents, Patterson convinced the business owner to give him the money so that he could acquire a skilled nursing facility in Pasadena. However, Patterson never actually intended to buy the facility and instead spent the money on unrelated business expenses and his own gambling.
In addition to defrauding the business owner, Patterson also defrauded Bank of America by writing two checks totaling $230,000 from his business account at JPMorgan Chase to another of his business accounts at Bank of America. The Chase account’s balance at the time was less than $10,000. After writing the checks, Patterson quickly transferred and spent the deposited funds before Bank of America realized Patterson’s check had bounced. Bank of America sustained a loss of approximately $150,000.
Patterson also evaded paying federal income tax from tax years as far back as 2003 through various methods of evasion, including having no personal bank accounts, incurring expenses on accounts not in his name, and dealing in a high volume of cash.
U.S. District Judge Dale A. Drozd sentenced Patterson to five years and six months in prison and ordered him to pay $1.9 million in restitution for wire fraud, bank fraud, and evading the payment of taxes.
Patterson pleaded guilty on October 19, 2021. The case was the product of an investigation by the Federal Deposit Insurance Corporation Office of Inspector General, the Federal Bureau of Investigation, and the Internal Revenue Service-Criminal Investigation. Assistant U.S. Attorney Alexandre Dempsey prosecuted the case.
In a statement, U.S. Attorney Phillip A. Talbert said, ‘Patterson’s actions were a clear breach of trust and a betrayal of the public’s faith in our financial system.’
Key Facts
- State: California
- Category: White Collar Crime|Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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