CINCINNATI—Richard T. Brunsman Jr., 45, of Cincinnati was sentenced in United States District Court to 144 months in prison for fraudulently obtaining more than $62 million in loans from 18 different federally insured banks for his companies. Brunsman was ordered to repay the banks $49,742,343.16 in restitution, which represents the amount they lost.
Carter M. Stewart, United States Attorney for the Southern District of Ohio, and Edward J. Hanko, Special Agent in Charge, Federal Bureau of Investigation, Cincinnati (FBI), announced the sentence imposed today by Chief U.S. District Judge Susan Dlott.
Brunsman applied for the loans between 2004 and 2010 claiming the money would be used for one or more of the approximately 20 solely owned businesses he had. He created numerous false documents including false financial statements and other documents for his companies in order to obtain the loans.
Analysis of his bank records during the investigation found that he used the money he fraudulently obtained to live an expensive lifestyle that included a large house in Cincinnati, a waterfront condo in Florida, and a large yacht. He took numerous trips, including trips to California and Las Vegas, and enjoyed entertaining.
Brunsman became engaged in so many businesses, real estate purchases, and other investments that he lost significant funds in these ventures. When banks expressed concern about signs of fraud in the loans, Brunsman responded by fraudulently obtaining more loans from other lenders to pay off the loans at the banks that were asking questions.
************************************************************************
Report Securities Fraud by Calling 1-888-482-6825 or by visiting
www.reportsecuritiesfraud.net
1 comment:
Oh my, even the man my cousin used to know before was involved in a situation like this, another fraud. I am so sad this is happening. But anyway, as I said, it is good that authorities were able to capture these kinds of people victimizing others for their own purpose and illegalities. I hope anyone out there who took securities course online especailly finra series 66 course would know about this to let them have information about what is happening in their chosen industry.
Post a Comment