LI Man pleads guilty to $3 million bank loan scheme: prosecutor

NEW YORK — A man pleaded guilty to conspiracy to commit bank fraud, the US Justice Department said Friday.

Gary Confredo, 60, of East Northport, also known as “Gary Conte”, is a former operator of Goldstar Financial Management Corporation (Goldstar), a Commack-based financial services firm. According to DOJ, Confredo pleaded guilty to a scheme to defraud Bank of America of his more than $3.2 million loan and line of credit.

If convicted, Confredo faces up to 30 years in prison. As part of his guilty plea, Confredo agreed to forfeit approximately $140,000 and pay compensation. A court is set to determine the amount of damages Confredo must pay upon judgment.

“As defendant admitted, he selfishly manipulated client trust, lied to financial institutions, and served his own personal gain,” U.S. Attorney Breon Peace said in a news release. This office is dedicated to prosecuting criminals, whether they have harmed someone physically or financially. “

Between November 2016 and October 2019, Confredo conspired with others to submit fraudulent applications for commercial loans and lines of credit to Bank of America on behalf of Goldstar customers. Facts presented in court filings and judicial proceedings.

To manipulate the application process, Confredo submitted falsified tax returns and bank statements, falsely inflated the client’s income and assets, and denied loans and lines of credit under Bank of America’s lending standards. officials said. Under Confredo’s plan, Bank of America would issue approximately $3.2 million in loans and lines of credit to Goldstar customers and would suffer losses of approximately $1 million if these loans and lines of credit were not repaid. said the authorities.

“Mr. Confredo defrauded Bank of America of millions of dollars while on supervised release from a previous conviction,” said Daniel Bull, the inspector in charge of the U.S. Postal Inspection Service. Baker said. [Friday], he takes responsibility for his greed and hopefully stops the revolving door of his life of crime. Make sure the inspectorate is there and those responsible are brought to justice. “

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