Berlin man owes Delaware bank $4.2 million in restitution after 4-year fraud scheme
A federal judge has sentenced a Berlin man to five years in prison and ordered him to pay more than $4 million in restitution after a jury convicted him of defrauding a Delaware bank.
A news release states 63-year-old William Cook was found guilty of bank fraud, four counts of false statements and money laundering after a five-day trial in January 2019. His sentencing took place Thursday, May 30.
Prosecutors say the Berlin man opened a business line of credit with Delaware-based Artisans' Bank in 2008 and would submit weekly certificates of open customer debts that the bank would then use to determine how much money it was willing to lend his business.
However, evidence presented at trial indicated that around 2009, Cook started falsifying the certificates so that he could access more money — a practice the release states continued until May 2013. That money was used for purposes that were not allowed under his loan agreement.
Read more: https://www.delmarvanow.com/story/news/local/delaware/2019/05/30/berlin-man-owes-delaware-bank-4-2-million-restitution-after-fraud/1290664001/
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