Tuesday, November 24, 2015

Man Sentenced to over 4 Years in Prison for Multimillion Dollar Loan Fraud

SACRAMENTO, Calif. November 23, 2015 - United States District Judge Morrison C. England Jr. sentenced Ryan Costo, 40, of Roseville, to four years and three months in prison for bank fraud in a scheme to defraud lenders, United States Attorney Benjamin B. Wagner announced.

According to court documents, Costo overstated his income and financial assets in connection with a $1.35 million loan from Bank of America related to the acquisition of a classic aircraft. 

Costo not only made false statements about his income and various bank and stock account balances on the loan application, but also caused various false and fraudulent account statements and tax returns to be given to the Bank of America in order to procure the loan.

Costo made various false representations and submitted false documents to obtain three other loans: a $1.95 million loan from CitiMortgage Inc. related to a Granite Bay residence; a $3 million loan from Washington Mutual Bank, now Chase, related to another Granite Bay residence, and a $267,000 loan from San Diego Private Bank. Costo pleaded guilty to bank fraud on October 3, 2013.

This case was the product of an investigation by the Federal Bureau of Investigation. Assistant United States Attorney Shelley D. Weger prosecuted the case.

- Source:  http://yubanet.com

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