Salem Man Charged with Bank Fraud and Identity Theft

A grand jury returned a four-count indictment charging Raymond G. Isabella, age 54, of Salem, Ohio, with three counts of bank fraud and one count of aggravated identity theft, federal officials announced today.

Isabella was a Certified Public Accountant licensed by the State of Ohio, and was the chief financial officer of Intrasee, Inc., a privately owned corporation, according to the indictment.

“Economic crimes and identity theft threaten our nation and we will do everything within our power to stop them,” said Steven M. Dettelbach, United States Attorney for the Northern District of Ohio.

“The Federal Bureau of Investigation is committed to protecting the viability of our businesses and financial institutions by rooting out fraud and theft,” said Stephen D. Anthony, Special Agent in Charge of the FBI’s Cleveland office.

The indictment alleges that beginning in 2010, Isabella, in order to enrich himself, began charging Intrasee approximately $335,000 in excessive accounting fees. In May of 2011, Intrasee’s owners discovered that Isabella had charged Intrasee excessive accounting fees and confronted Isabella. Isabella arranged for Intrasee to obtain loans from Huntington National Bank, but did not obtain Intrasee’s owners’ permission or authorization, according to the indictment.

The indictment further alleges that Isabella executed a scheme to defraud Huntington National Bank by obtaining three loans from Huntington National Bank, falsely claiming that the loans had been signed and approved by Intrasee’s owners. The indictment further alleges that Isabella knowingly transferred, possessed and used, the identification of Intrasee’s owners without their authority in order to defraud Huntington Bank.

If convicted, the defendant’s sentence will be determined by the court after review of factors unique to this case, including the defendant’s prior criminal record, if any, the defendant’s role in the offense, and the characteristics of the violation. In all cases, the sentence will not exceed the statutory maximum and in most cases it will be less than the maximum.

The case is being prosecuted by Assistant U.S. Attorney Matthew B. Kall, following investigation by agents of the Federal Bureau of Investigation, the Internal Revenue Service-Criminal Investigation Division, and the Avon Police Department.

An indictment is only a charge and is not evidence of guilt. A defendant is entitled to a fair trial in which it will be the government’s burden to prove guilt beyond a reasonable doubt.