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Long Island resident Gary Confredo, a 61-year-old from East Northport, received his sentence of 42 months on Tuesday, May 14, the United States Attorney's Office Eastern District of New York announced.
Confredo, also known as Gary Conte, is the former operator of Goldstar Financial Management Corporation, a financial services business based in Commack.
Original Story: East Northport Financial Advisor Admits To $3M Bank Loan Scheme
However, between November 2016 and October 2019, Confredo conspired with others to submit fraudulent commercial loans and lines of credit applications at Bank of America on behalf of his clients.
He altered tax returns and bank statements to inflate his client’s incomes and assets, allowing them to qualify for Bank of America’s loans and lines of credit.
Clients agreed to pay Confredo a portion of any loan that he was able to secure on their behalf.
In total, the scheme resulted in Bank of America issuing $3.2 million in loans and lines of credit to Confredo’s clients. When they were not paid back, the bank sustained losses of approximately $1 million.
“The defendant’s scheme…was full of lies and deception so with today’s sentence the defendant learns a powerful truth, that cheating financial institutions for personal gain will be punished and the cost is significant,” said United States Attorney Breon Peace.
In November 2022, Confredo pleaded guilty to conspiring to commit bank fraud.
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