HARRISBURG, Pa. (WHTM) – A Hanover businessman will spend three years in prison for a scheme that defrauded a bank out of more than $157,000.
Matthew S. Norris, 34, was sentenced Monday in federal court on bank fraud and money laundering charges. He pleaded guilty in December.
Norris admitted that in 2011, he executed a scheme in which he submitted 27 credit applications to GE Bank using the names of customers without their knowledge.
U.S. Attorney Bruce Brandler said Norris inflated the customers’ income, obtained lines of credit, and charged the accounts for fictitious merchandise sales. As a result, GE Bank deposited loan proceeds into Norris’s business account.
Norris, who listed his business’s York Street address as the customers’ home addresses on their applications, then made monthly payments on the loans with proceeds of the scam.
He will begin serving his three-year sentence on July 26.