Gary Confredo, a disgraced finance manager from East Northport (Long Island, NY), admitted to conspiring to defraud Bank of America of more than $3.2 million in a fraudulent loan scheme over a three-year period.
Confredo, a former operator of Commack (NY)-based Goldstar Financial Management Corp., pleaded guilty Friday in Central Islip to conspiracy to commit bank fraud.
“He selfishly manipulated the trust of his customers and lied to financial institutions simply to line his pockets”
Breon Peace, US Attorney
“As the defendant admitted, he selfishly manipulated the trust of his clients and lied to financial institutions simply to line his own pockets,” said Breon Peace, U.S. Attorney for the Eastern District of New York. “He will now face the consequences of his greed.”
According to prosecutors, the 60-year-old conspired with others to submit fraudulent applications for business loans and lines of credit to Bank of America on behalf of Goldstar customers, who agreed to pay Confredo a portion of any loans he obtained on their behalf between November 2016 and October 2019.
To do so, authorities said that he submitted altered tax returns and bank statements that falsely inflated the clients’ income and assets and allowed them to qualify for loans and lines of credit.
During his plea before Judge Lee G. Dunst, Confredo agreed to forfeit approximately $140,000 and pay restitution. The Long Island Press reported that he faces up to 30 years in prison when sentenced.