Rochester Man Pleads Guilty to Loan Application Fraud

ROCHESTER, NY—U.S. Attorney William J. Hochul, Jr. announced today that David P. Gaylord, 51, of Rochester, New York, pleaded guilty to bank loan application fraud before the U.S. District Judge Charles J. Siragusa. The charge carries a maximum penalty of 30 years in prison a fine of $1,000,000.

Assistant U.S. Attorney Tiffany H. Lee, who is handling the case, stated that in 2006, while residing in the Western District of New York, the defendant submitted various credit card applications to Advanta Corp., Bank of America, and Family First Federal Credit Union. Gaylord knowingly provided false information regarding his income in order to obtain lines of credit from the banks and credit union. The defendant indicated that his income was anywhere between $90,000 to $122,000 when, in 2006, he reported to the Internal Revenue Service that his income was approximately $12,488. Gaylord ended up leaving outstanding balances on the various lines of credit and filed for bankruptcy.

The plea is the culmination of an investigation on the part of special agents of the Federal Bureau of Investigation under the direction of Special Agent in Charge Christopher M. Piehota.

Sentencing is scheduled for September 24, 2012 at 4 p.m. before the Judge Siragusa.