A disgraced financial manager from East Northport has admitted to conspiring to con Bank of America of more than $3.2 million in a fraudulent loan scheme over a three-year span.
Gary Confredo, the the former operator of Commack-based Goldstar Financial Management Corp., pleaded guilty Friday at Central Islip federal court to conspiracy to commit bank fraud.
“As the defendant admitted, he selfishly manipulated the trust of his clients and lied to financial institutions simply to line his own pockets,” said Breon Peace, U.S. Attorney for the Eastern District of New York. “He will now face consequences for his greed.”
Prosecutors said the 60-year-old man conspired with others to submit fraudulent applications for commercial loan and lines of credit to Bank of America on behalf of Goldstar clients, who agreed to pay Confredo a portion of any loan that he secured on their behalf between November 2016 and October 2019.
He submitted altered tax returns and bank statements that falsely inflated the clients’ incomes and assets and allowed them to qualify for loans and lines of credit, authorities said.
During his plea before U.S. Magistrate Judge Lee G. Dunst, Confredo agreed to forfeit approximately $140,000 and to pay restitution. He faces up to 30 years in prison when he’s sentenced.