A Long Island financial adviser could spend decades in federal prison after admitting his role in a $3 million bank loan scheme.
Gary Confredo, 60, of East Northport, pleaded guilty to conspiracy to commit bank fraud in Central Islip Federal Court on Friday, November 4.
Prosecutors said Confredo, also known as Gary Conte, conspired with others to submit fraudulent applications for business loans and lines of credit to Bank of America on behalf of his Goldstar Financial Management Corp clients, based in Commack.
Between November 2016 and October 2019, he submitted altered tax returns and bank statements to falsely inflate his clients’ income and assets, allowing them to meet Bank of America’s loan requirements, prosecutors said. .
According to investigators, clients paid Confredo a portion of any loan it obtained on their behalf.
The scheme resulted in Bank of America issuing approximately $3.2 million in loans and lines of credit to Goldstar customers and suffering nearly $1 million in losses when the loans and lines of credit failed. been reimbursed.
“As defendant admitted, he selfishly manipulated his clients’ trust and lied to financial institutions simply to line his pockets,” U.S. Attorney Breon Peace said in a statement. “He will now face the consequences of his greed.”
Confredo faces up to 30 years in prison when sentenced at a later date.
As part of his guilty plea, he agreed to forfeit approximately $140,000 and pay restitution in an amount to be determined by a judge.
He was later released on $250,000 bail.
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