Tampa Man Sentenced to 4 Years in Loan Fraud Case
August 11, 2009
Total Loss:
$26.3 million
Tampa businessman Larry P. Nardelli has been sentenced to four years in federal prison for conspiracy to commit loan fraud, bank fraud and money laundering, according to the U.S. Attorney's Office. Nardelli, Michael Tringali, John Yanchek and Neil Mohamed Husani "agreed among themselves to purchase and immediately 'flip' vacant land in Sarasota for double the money by falsely obtaining loans for the land," the release states. According to a 44-page indictment, between May 2004 and June 2006, the four defrauded Orion Bank, Mercantile Bank, Bank Atlantic, Coast Bank, Fifth/Third Bank, Wachovia Bank and First State Bank.
Source:
The Tampa Tribune
Posted in:
Internal Fraud