Bank loan

New York man sentenced over $1.1m bank loan and credit card fraud schemes

A former Long Island business owner has been convicted in connection with a scheme to defraud banks, business partners and a customer of approximately $1.1 million.

Marcello Sozio, 65, of Huntington, was sentenced to 36 months in prison for wire fraud, according to an announcement from the United States Attorney’s Office for the Eastern District of New York on Thursday, October 14.

He was also ordered to pay approximately $1.1 million in forfeiture and restitution to the victims.

“Today the defendant was rightly sentenced to prison for the financial harm he caused by defrauding his business partners and lenders and stealing from the parents of a young patient,” said Eastern District Acting Attorney Jacquelyn Kasulis. “Together with its law enforcement partners, this office will continue to seek compensation for victims and prosecute defendants like Sozio who, out of greed, commit fraud for their own financial gain.”

Sozio was the operator of a hyperbaric oxygen chamber business based in Great Neck, New York and Chicago, the U.S. attorney’s office said.

Kasulis said that between March 2014 and December 2016, Sozio obtained approximately $770,000 in loans for his business and that business partners falsely claimed to have authorized him to apply for loans on their behalf.

He forged their signatures on loan documents and posed as a business partner during a phone call with a lender, the U.S. attorney’s office reported.

Additionally, between September 2016 and December 2016, he “caused approximately $230,000 in credit card charges to parents of an underage patient for services allegedly provided for medical reasons at a Great Neck facility operated by Sozio” .

However, Kasulis said Sozio did not provide these services in exchange for the bills.

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