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Gary Confredo, age 61, of East Northport, was sentenced to 3 ½ years in prison in Central Islip federal court on Tuesday, May 14, after pleading guilty to conspiring to commit bank fraud.
Prosecutors said Confredo, also known as Gary Conte, submitted fraudulent applications for commercial loans and lines of credit to Bank of America on behalf of his clients at the Commack-based Goldstar Financial Management Corp.
Between November 2016 and October 2019, he submitted altered tax returns and bank statements in order to falsely inflate his clients’ incomes and assets, allowing them to meet Bank of America’s lending requirements.
Clients then paid Confredo a portion of any loan that he secured on their behalf.
The scheme resulted in Bank of America issuing approximately $3.2 million in loans and lines of credit to Goldstar’s clients, and sustaining nearly $1 million in losses when the loans and credit lines were not paid back, prosecutors said.
Confredo formally confessed to the scheme with a guilty plea in November 2022.
“As a financial consultant, Confredo was a trusted member of the financial industry,” said US Attorney Breon Peace. “Driven by greed, Confredo and these co-conspirators caused Bank of America to lose millions of dollars in defaulted loans.
"These crimes have a far-reaching and long-lasting negative impact on the financial industry and the American public.”
In addition to his prison time, Confredo was ordered to pay nearly $1.1 million in restitution to Bank of America.
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