Central Islip, NY — Gary Confredo, also known as “Gary Conte,” the former operator of Goldstar Financial Management Corp. in Commack, was sentenced to 42 months in prison for his role in a scheme to defraud Bank of America out of more than $3.2 million.
Between November 2016 and October 2019, Confredo conspired with others to submit fraudulent applications for commercial loans and lines of credit to Bank of America. He manipulated the application process by submitting altered tax returns and bank statements that falsely inflated his clients’ incomes and assets. In return, his clients agreed to pay him a portion of any loans he secured. This scheme resulted in the bank issuing approximately $3.2 million in loans and lines of credit, ultimately causing losses of around $1 million when the loans were not repaid.
Earlier today, United States District Judge Joan M. Azrack sentenced Confredo to 42 months’ imprisonment and ordered him to pay $1,096,882 in restitution to Bank of America. Confredo, a resident of East Northport, had pleaded guilty to the charges in November 2022.
“The defendant’s scheme of submitting fraudulent applications for commercial loans and lines of credit to Bank of America was full of lies and deception,” stated United States Attorney Breon Peace. “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.”
Daniel B. Brubaker, Inspector-in-Charge of the United States Postal Inspection Service, New York Division, added, “As a financial consultant, Confredo was a trusted member of the financial industry. However, instead of acting ethically, he used his position to submit fraudulent loan applications on his clients’ behalf. Today’s sentencing bears truth to the fact that Postal Inspectors and our law enforcement partners will investigate and prosecute white-collar criminals to the fullest extent of the law.”
Confredo’s actions, driven by greed, had a far-reaching impact on the financial industry and the American public, highlighting the importance of integrity in financial services.
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