CINCINNATI—Richard T. Brunsman Jr., 45, of Cincinnati, pleaded guilty in United States District Court to one count of bank fraud, admitting that he repeatedly used false or fraudulent documents to obtain more than $52 million in loans for his companies between 2004 and 2010.
Carter M. Stewart, United States Attorney for the Southern District of Ohio, and Keith L. Bennett, Special Agent in Charge, Federal Bureau of Investigation, Cincinnati (FBI), announced the plea entered today before Senior U.S. District Judge Sandra S. Beckwith.
According to a statement of facts filed as part of his plea agreement, Brunsman owned and operated a number of different companies, all collectively referred to as the Brunsman Companies. He used false personal and company income tax returns, financial statements and other financial documents as part of loan applications he submitted to federally insured lenders in order to obtain 25 loans totaling $52,568,116.74 from 17 different banks.
As part of his fraud scheme, Brunsman at times submitted the same or similar false financial statements to different lenders but changing the name of the company or LLC to which the financial statement pertained. As a result, multiple lenders provided multiple loans to Brunsman or the Brunsman Companies without knowing that the loans were all based on the same assets.
Brunsman also agreed to forfeit all fraud-related assets which are proceeds of the crime, and he agreed to make restitution in an amount to be determined by the court. Bank fraud is punishable by up to 30 years in prison and a fine of up to $1 million. A date will be set for sentencing.
Stewart commended the FBI agents who conducted the investigation and Assistant U.S. Attorney Timothy Mangan, who is prosecuting the case.
This article was sponsored by Police Books.
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1 comment:
Seems odd to me that this has not been covered in the media as some of the the other mortgage fraud cases. That puzzles me. While researching some properties that did not appear to be up to code in Cleves I noted a trend that many properties that rented to businesse were owned by the same LLC, then I noted that there may be some sort of pattern as to who and how the properties transered just a name change etc.. so I decided to google one of the llc and the fraud article came up on Rick Brunsman. No one in this area really new anything about it WHY that It is not typical for something like this to remain quiet and when will he get his sentence=== owned by the same llc
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