A California man was sentenced to 78 months in federal prison for a bank fraud scheme that targeted seven financial institutions and totaled approximately $39 million, the U.S. Department of Justice announced. The sentencing took place in Las Vegas.
The scheme ran for nearly 10 years, according to the Justice Department. Across that period, the defendant defrauded seven separate financial institutions out of roughly $39 million in total.
In addition to the prison term, the court imposed three years of supervised release. The defendant was also ordered to pay restitution exceeding $19.4 million to victims. A separate forfeiture judgment of $21.8 million was imposed as well, the Justice Department said.
The combined financial penalties, restitution and forfeiture together, amount to more than $41 million. The 78-month prison sentence reflects the scope of a fraud operation that the Justice Department said stretched across nearly a decade and drew in seven banks and lending institutions.