Former Vice President of Boeing Helicopters Credit Union sentenced for fraud
February 23rd, 2010 - 5:09 am ICT by BNO NewsPHILADELPHIA, PENNSYLVANIA (BNO NEWS) – Former Vice President of Boeing Helicopters Credit Union (BHCU)was sentenced for a loan fraud scheme, prosecutors said Monday.
Anthony Forte, 43, of Glen Mills, Pennsylvania, abused of his position, approving $20,000 loans from BHCU for unqualified loan applicants and applicants with fraudulent documentation. In exchange, Forte received at least 5 percent of the amount loaned.
He was an Executive Vice President and Director of Marketing at the Boeing Helicopters Credit Union, in Ridley Park, Pennsylvania.
To carry out the scheme, Forte recruited his brother, David, and several others, to find applicants to apply for loans. The brothers profited more than $100,000 in kickbacks, and the credit union gave out more than $2.2 million in fraudulent loans.
Anthony Forte was sentenced to 28 months in prison and ordered to pay $1,259,032.14 in restitution for conspiracy, loan fraud, and bank bribery. Forte’s brother, David, 39, of Prospect Park, Pennsylvania, was sentenced to one day in prison for the same charges and was ordered to pay restitution in the amount of $178,445.70.
Both pleaded guilty in November 2009, but David Forte’s medical condition was taken into consideration, specifically the fact that he has been diagnosed with a malignant brain tumor.
This case was investigated by the FBI and was prosecuted by Assistant U.S. Attorneys Sarah Grieb and Michelle Rotella.
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