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Federal Housing Finance Agency – Office of Inspector General

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Ex-Chief Lending Officer Of NJ Bank Gets 18 Months In Fed Pen For Lying On SBA Loan Ex-Chief Lending Officer Of NJ Bank Gets 18 Months In Fed Pen For Lying On SBA Loan
Ex-Chief Lending Officer Of NJ Bank Gets 18 Months In Fed Pen For Lying On SBA Loan A former New Jersey bank chief lending officer from Pennsylvania was sentenced to 18 months in federal prison Wednesday for lying to the Small Business Administration, authorities said. James Bortolotti, 53, will have to serve just about all of the term because there's no parole in the federal prison system. Bortolotti signed off on an application to the SBA for a guaranteed $3.75 million on $5 million in loans given to a small Robbinsville business by First Choice Bank in Trenton even though he knew the information about the company's credit-worthiness was false, Acting U.S. Attorney for N…

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by Jerry DeMarco