State Senator Indicted for Bank Fraud

Saturday, June 19, 2010

 

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State Sen. Christopher Maselli has been indicted on seven counts of bank fraud, the U.S. Attorney announced today.

Maselli, a 38-year-old Johnston resident who has a law firm in North Providence, is charged with falsifying bank and federal tax documents and lying about his income and assets to get more than $1.5 million in mortgages, according to U.S. Attorney Peter Neronha. A federal grand jury handed down the indictments on Thursday.

“It goes without saying that ensuring the integrity of the mortgage loan application process is of critical importance,” Neronha said. “The allegations in this indictment are particularly disturbing in that an attorney, who is trusted to provide sound legal advice and to conduct real estate transactions in a fair and honest manner, used his expertise to fraudulently obtain his own mortgages.”

The indictment alleges that Maselli inflated how much he had made dating back to 2005, lied about his personal assets, and submitted fabricated bank statements and IRS tax returns in his applications for mortgages, a home improvement loan, and a car loan. In all, Maselli sought five mortgages worth about $1,525,027.50 for residential properties in Johnston and North Providence, according to the U.S. Attorney.

His court appearance has not yet been scheduled.

 
 

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