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Gary Confredo, age 60, of East Northport, pleaded guilty to conspiring to commit bank fraud in federal court in Central Islip Friday, Nov. 4.
Prosecutors said Confredo, also known as Gary Conte, conspired with others to submit 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, prosecutors said.
Clients paid Confredo a portion of any loan that he secured on their behalf, according to investigators.
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.
“As the defendant admitted, he selfishly manipulated the trust of his clients and lied to financial institutions simply to line his own pockets,” US Attorney Breon Peace said in a statement. “He will now face consequences for his greed.”
Confredo faces up to 30 years in prison when he’s sentenced at a later date.
As part of his guilty plea, he agreed to forfeit approximately $140,000 and to pay restitution in an amount that will be determined by a judge.
He was later released from custody on a $250,000 bond.
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