Long Island man pleads guilty to $3 million bank loan scheme

Today, in federal court in Central Islip, Gary, also known as “Gary Conte,” is a former operator of Goldstar Financial Management Corporation (Goldstar), a financial services firm based in Commack, New York. Confredo pleaded guilty to the criminals. Information accusing him of conspiracy to commit bank fraud in connection with his plan to defraud Bank of America of more than $3.2 million in loans and lines of credit obtained under false pretenses.

The proceedings were before U.S. Magistrate Justice Lee G. Dunst. 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 in an amount determined by the court at the time of sentencing.

Breon Peace, U.S. Attorney for the Eastern District of New York, and Daniel Brubaker, Inspector of Charge for the New York Division of the United States Postal Service Inspections (USPIS), have announced guilty pleas.

“As the defendant admitted, he selfishly manipulated customer trust, lied to financial institutions, and served his own personal gain. He now faces the consequences of his greed. “This office is dedicated to prosecuting criminals, regardless of whether they have harmed someone physically or financially.”

“Mr. Confredo defrauded Bank of America of millions of dollars during his supervised release from a previous conviction. would have stopped the revolving door in his life of crime. I’m sure it will go to court,” said USPIS Inspector Daniel Brubaker.

According to court filings and facts presented in the judicial proceedings, between November 2016 and October 2019, Confredo conspired with others to make commercial payments to Bank of America on behalf of Goldstar customers. I have submitted fraudulent applications for loans and lines of credit. Part of the loan he secured on their behalf. To manipulate the application process, Confredo submitted falsified tax returns and bank statements. These were able to inadvertently inflate the client’s income and assets and qualify for loans and lines of credit under Bank of America’s lending standards. As a result of Confredo’s scheme, Bank of America issued approximately $3.2 million in loans and lines of credit to Goldstar customers and suffered a loss of approximately $1 million if these loans and lines of credit were not repaid. rice field.

In July 2022, Mr. Peace was elected Chairman of the White Collar Fraud Subcommittee of the Attorney General’s Advisory Committee (AGAC). As the leader of the subcommittee, Mr. Peace has made recommendations to AGAC to facilitate the prevention, investigation and prosecution of various financially motivated nonviolent crimes, including mail and wire fraud, bank fraud and medical fraud. play an important role. , tax fraud, securities and commodity fraud, and identity theft.

Government cases are handled by the office’s Long Island Criminal Division. U.S. Assistant U.S. Attorney Bradley T. King is in charge of the prosecution with assistance from paralegal specialist Samantha Schroeder and legal assistant Daniel Casey. Assistant U.S. Attorney Madeleine O’Connor is in the bureau’s Asset Recovery Division and handles forfeiture matters.

defendant:

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

EDNY Docket No. 22-CR-425 (JMA)

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