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Long Island Man Pleads Guilty to  Million Bank Loan Scheme | USAO-EDNY

Long Island Man Pleads Guilty to $3 Million Bank Loan Scheme | USAO-EDNY

Before currently, in federal courtroom in Central Islip, Gary Confredo, also regarded as “Gary Conte,” the previous operator of Goldstar Financial Administration Corp. (Goldstar), a money products and services small business primarily based in Commack, New York, pleaded guilty to a prison facts charging him with conspiracy to commit lender fraud in connection with a scheme to defraud Lender of The united states of additional than $3.2 million in financial loans and traces of credit score that have been acquired below phony pretenses. 

The continuing was held right before United States Magistrate Choose Lee G. Dunst.  When sentenced, Confredo faces up to 30 yrs in jail.  As component of his responsible plea, Confredo agreed to forfeit somewhere around $140,000 and to spend restitution in an quantity to be decided by the Court at his sentencing.

Breon Peace, United States Legal professional for the Eastern District of New York, and Daniel Brubaker, Inspector-in-Cost, United States Postal Inspection Service, New York Division (USPIS), declared the guilty plea. 

“As the defendant admitted, he selfishly manipulated the belief of his clients and lied to monetary institutions simply to line his own pockets. He will now confront repercussions for his greed,” mentioned United States Attorney Peace.  “This Workplace stands fully commited to prosecuting criminals, whether they hurt a person bodily or fiscally.”

“Mr. Confredo defrauded Financial institution of America of hundreds of thousands of bucks even though on supervised release from a previous conviction.  With his guilty plea now, he has taken duty for his greed and with any luck , will end the revolving doorway on his lifestyle of criminal offense.   Any time the U.S. Mail is utilized to commit and/or further more a crime, the U.S. Postal Inspection Service will be there to see that those responsible are brought to justice” stated USPIS Inspector in Cost, Daniel Brubaker.

In accordance to court filings and details introduced at the plea proceeding, in between November 2016 and Oct 2019, Confredo conspired with many others to submit fraudulent apps for industrial bank loan and traces of credit history to Bank of The usa on behalf of Goldstar clientele, who agreed to spend Confredo a part of any personal loan that he secured on their behalf.  To manipulate the application system, Confredo submitted altered tax returns and bank statements that falsely inflated the clients’ incomes and assets and authorized them to qualify for financial loans and traces of credit score underneath Bank of America’s lending standards.  As a final result of Confredo’s plan, Lender of The us issued approximately $3.2 million in loans and traces of credit to Goldstar’s shoppers and sustained losses of around $1 million when people loans and strains of credit rating had been not repaid. 

In July 2022, Mr. Peace was picked as the Chairperson of the White Collar Fraud subcommittee for the Attorney General’s Advisory Committee (AGAC).  As the leader of the subcommittee, Mr. Peace will play a essential purpose in making suggestions to the AGAC to facilitate the prevention, investigation and prosecution of various fiscally enthusiastic, non-violent crimes together with mail and wire fraud, financial institution fraud, health and fitness treatment fraud, tax fraud, securities and commodities fraud, and identity theft. 

The government’s scenario is currently being taken care of by the Office’s Extended Island Felony Division.  Assistant United States Attorney Bradley T. King is in demand of the prosecution with assistant from Paralegal Expert Samantha Schroeder and Lawful Assistant Danielle Casey. Assistant United States Attorney Madeline O’Connor of the Office’s Asset Recovery Portion is handling forfeiture issues.

The Defendant:

GARY CONFREDO (also identified as “Gary Conte”)
Age:  60
East Northport, New York

E.D.N.Y. Docket No. 22-CR-425 (JMA)