Marlene Borer, Concealing Funds, Massachusetts 2022

Greenfield Woman Hides $486,000 from Bank

BOSTON – A Greenfield woman was sentenced yesterday in federal court in Springfield for her role in concealing nearly half a million dollars from a federally insured financial institution.

Marlene Borer, 68, was sentenced by U.S. District Court Judge Mark G. Mastroianni to time served (one day) in prison and two years of supervised release. In September 2018, 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.

According to the indictment, In August 2011, Borer’s brother, Jeffrey Borer, and his then-wife owed Wells Fargo Bank approximately $1.32 million in outstanding loans. In March 2012, Borer, who was acting as her brother’s bookkeeper, received approximately $1.1 million, which related to a judgment from a Honduran court, into her Massachusetts bank account. $486,000 of the $1.1 million judgment belonged to Jeffrey Borer and his then-wife. A few days after Marlene 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. Just transfer what is needed to pay bills as they arrive.” Marlene Borer distributed their funds from her account as he requested.

On or about May 24, 2012, Marlene Borer prepared a false personal financial statement for Jeffrey Borer and his then-wife, stating that they only had $4,200 in the bank. Jeffrey Borer provided the personal financial statement to Wells Fargo, which relied upon it to negotiate their debt. On Oct. 31, 2012, Jeffrey Borer 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.

In October 2019, Jeffrey Borer was sentenced to 10 months in prison.

The case was investigated by the Internal Revenue Service, Criminal Investigation, New England Field Division. Assistant U.S. Attorney Steven H. Breslow of Lelling’s Springfield Branch Office prosecuted the case.

Borer's crimes had severe consequences for her brother and his then-wife, who were able to negotiate a settlement with Wells Fargo Bank after Borer concealed their funds from the bank.

Source: https://www.justice.gov/usao-ma/pr/greenfield-woman-sentenced-conspiracy-hide-486000-federally-insured-financial-institution