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Florida Man Sentenced for Financial Fraud Schemes
GAINESVILLE, FLORIDA
Matthew G. Munksgard, 41, of Archer, Florida, was sentenced yesterday to 30 months in prison for four counts of false statement to a federally insured institution and aggravated identity theft. The sentence was announced by Christopher P. Canova, United States Attorney for the Northern District of Florida.
At trial, the government presented evidence that Munksgard, as the owner of a land surveying company, requested and received four line-of-credit loans from Drummond Community Bank in amounts ranging from approximately $30,000 to $60,000. The loans were each secured with a survey contract as collateral, which provided for Munksgard to be paid after he completed survey work.
Munksgard told the bank that he would repay the loans after he completed the survey work. When the loans became due, Munksgard informed the bank that his customers had not paid him yet because of project delays. He requested that the loan maturity dates be extended. After contacting two of Munksgard’s clients, the bank discovered that Munksgard did not have any contracts with them. Munksgard later admitted to the bank that the four contracts were fraudulent.
“Truthful loan applications are essential to the determination of credit worthiness in maintaining a sound banking industry,” said U.S. Attorney Canova. “Therefore, we will vigorously prosecute those who make false statements to obtain loans.”
“Financial fraud has the potential to cause immeasurable damage to our community,” said Charles P. Spencer, Special Agent in Charge of the FBI Jacksonville Division. “The FBI will continue to work alongside our law enforcement partners to identify, stop, and punish those who commit fraud schemes that impact our financial institutions.”
The case was investigated by the Federal Bureau of Investigation. It was prosecuted by Assistant United States Attorney Herbert S. Lindsey.
Contact Information:
Amy Alexander, Public Information Officer, (850) 216-3854, amy.alexander@usdoj.gov
Key Facts
- State: Florida
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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