![]() ![]() On the LWT&E website, Christopher Montalbano posted photographs of agricultural and construction equipment, UTVs and boats which were purportedly in LWT&E’s possession and for sale. To further facilitate the bank fraud scheme, Montalbano created internet websites for some of his shell companies including Land Work Tractor & Equipment (LWT&E), previously located in Florida and then Vincent, Alabama. Montalbano specifically used the loan proceeds to pay for an extravagant lifestyle which included traveling on a private jet aircraft, employing private pilots, employing a personal assistant, purchasing multiple high-end vehicles including Lamborghinis and Ferraris, and purchasing multiple real properties, including a residential home in a gated community, a lake house, and farmland. Montalbano obtained these loan proceeds in his personal name, through a shell company, or in the name of a co-conspirator. Montalbano, through his shell companies, and/or known associates, fraudulently obtained millions of dollars in loans from at least twenty different financial institutions by submitting fraudulent information and supporting documentation on more than 140 loans. American citizens can be assured that the FBI will continue to pursue predators who drag down our economy by deception for their own personal gain.”Īccording to the sentencing memo, between 20, Montalbano engaged in a bank fraud scheme targeting financial institutions insured by the Federal Deposit Insurance Company (FDIC) and the National Credit Union Administration (NCUA) in multiple states including Alabama. “Hopefully, Montalbano enjoyed the short time he had with the luxury items he purchased with money he swindled from federally insured banks, as he will now pay for his crimes with years behind bars. ![]() “Montalbano deserves every day of this sentence, as he went to great lengths to cover up his massive fraud scheme,” SAC Sharp said. We will continue to work tirelessly with our law enforcement partners to hold perpetrators of these fraud schemes accountable and use all tools at our disposal to recover their ill-gotten gains.” “This defendant caused a multi-million-dollar loss to the victims. “Today’s sentence demonstrates that schemes to defraud federally-insured financial institutions are serious crimes that carry significant penalties,” U.S. Montalbano pleaded guilty to conspiracy to commit bank fraud, bank fraud, and money laundering in November 2021. ![]() Montalbano, 39, of Vestavia, to 180 months in prison and ordered him to pay restitution in the amount of $11,924,471.00. Escalona and Federal Bureau of Investigation Special Agent in Charge Johnnie Sharp, Jr. On Tuesday, a father and son appeared in court on charges stemming from a bank fraud scheme in which they provided fraudulent information to financial institutions for the purpose of obtaining loans, announced U.S. ![]()
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