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Somerset banking official gets jail time for illicit interest in bank advance

Somerset banking

A banking official from Somerset was condemned to serve four months in jail after he conceded to unlawfully taking part in an advance to a Chicopee-based assembling organization, the U.S. Lead prosecutor’s Office said Friday.

The declaration came one day after Anthony Riccitelli was condemned in federal court in Springfield, the District Attorney’s Office said in an announcement. He conceded this past September to a charge of wrongfully partaking in a credit with a money related establishment.

Riccitelli, 60, conceded he by and by lent $80,000 to Diecast Connections Company, Inc., which was claimed by Beth Zastawny, while he was utilized as a bank official at Blue Hills Bank.

Somerset banking

In the spring of 2019, Zastawny, of Ludlow, conceded to one tally of bank extortion and three tallies of illegal tax avoidance, as indicated by investigators. She conceded she acquired the multi-million credit by making bogus portrayals to the bank.

“Zastawny submitted counterfeit fiscal reports to the bank, and made bogus portrayals about Diecast’s benefits and liabilities so as to cause it to give the idea that Diecast’s money related condition was a lot more grounded than it really was,” the U.S. Lead prosecutor’s Office said in a subsequent proclamation.

Zastawny utilized the advance continues to reimburse leasers she had not revealed to the bank. Blue Hills Bank abandoned the credit in summer 2016, causing “a considerable misfortune” for the bank.

About the author

Zena Vincent

Zena Vincent

Zena Vincent has been working as financial journalist covering US markets for more than a decade. Her work can be found in a wide variety of publications including Yahoo Finance.

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