WMass businessman sentenced for bank fraud and tax evasion

SPRINGFIELD, Mass. (WWLP) – A 54-year-old businessman from Conway was sentenced Wednesday in U.S. District Court in Springfield for using more than $2 million of company funds for his own purposes.

According to U.S. Attorney Carmen Ortiz, the former owner and president of the Hallmark Institute of Photography in Greenfield, George J. Rosa III, was sentenced for bank fraud and tax evasion.

Rosa was sentenced to nine months of confinement in a community correctional center, nine months home confinement, 42 months of supervised release, and $3.4 million in restitution.

Ortiz said in March of 2013 Rosa pleaded guilty to bank fraud and tax evasion. Rosa used about $2.6 million of company funds for construction expenses at his residence, gambling, and about $55,000 worth of clothing, footwear, and accessories.

Rosa hid the expenses by reconfiguring them on the company’s books as proper business expenses, said Ortiz. And he defrauded the People’s United Bank in connection with a series of corporate loans by submitting the altered books to the bank.

Rosa also used the company’s altered books as a basis to file false income tax returns for himself and the company, Ortiz added.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s