Montalbano Christopher A., Bank Fraud, Alabama 2023

A brazen scheme to deceive financial institutions has come to an end with the arrest of a Vestavia Hills father and son. Christopher A. Montalbano, 38, and his father Gus Anthony Montalbano, 75, are accused of providing fraudulent information to obtain loans for luxury vehicles, boats, and heavy equipment.

According to a 26-count indictment filed in U.S. District Court, the Montalbano’s submitted false financial statements, tax returns, and other documents to support their loan applications. The indictment alleges that they obtained multiple loans from different financial institutions, including USAA Bank, without disclosing that they had already financed the purchase of the same luxury vehicle.

The indictment also charges Christopher Montalbano with aggravated identity theft and bank fraud, including the misuse of the COVID-19 relief funds. In March 2018 and September 2018, he allegedly used the identity of another individual on loan applications submitted to USAA Bank.

The funds obtained from the fraudulent loans were used to pay for personal living expenses and make loan payments owed to other financial institutions. The indictment alleges that Christopher Montalbano fraudulently obtained $58,153.00 from Cross River Bank under the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act, which was intended to provide relief to small businesses affected by the pandemic.

The Federal Bureau of Investigation investigated the case, and Assistant U.S. Attorneys Robin B. Mark and Kristen Osborne are prosecuting the case.

The indictment contains only charges, and the defendants are presumed innocent unless and until proven guilty. The case serves as a reminder of the importance of ensuring the integrity of financial institutions and the consequences of engaging in fraudulent activities.

A 26-count indictment charges Christopher A. Montalbano and Gus Anthony Montalbano with conspiracy to commit bank fraud, false statements on a loan application, and money laundering. Christopher Montalbano was also charged with aggravated identity theft and bank fraud.

Defendant: Christopher A. Montalbano, Gus Anthony Montalbano

Criminal Charges: Conspiracy to commit bank fraud, false statements on a loan application, and money laundering, aggravated identity theft, bank fraud

City and State: Vestavia Hills, Alabama

Exact Date: Not specified

Sentence or Outcome: Not specified

Dollar Amounts: $58,153.00

Source: https://www.justice.gov/usao-ndal/pr/vestavia-hills-father-and-son-arrested-bank-fraud-scheme