News and Press Releases

Elk County Man Pleads Guilty In Bank Fraud Scheme

November 18, 2010

ERIE, Pa. ‑ A resident of Kersey, Pennsylvania, pleaded guilty in federal court to conspiracy to commit bank fraud, United States Attorney David J. Hickton announced today.

Richard A. Raspatello, 55, pleaded guilty to one count before Senior United States District Judge Maurice B. Cohill, Jr.

In connection with the guilty plea, the court was advised that Raspatello and a co-defendant conspired to defraud financial institutions on numerous occasions throughout the Western District of Pennsylvania.

Judge Cohill scheduled sentencing for March 7, 2011 at 10:00 a.m.  The law provides for a total sentence of thirty years in prison, a fine of $1,000,000, or both.  Under the Federal Sentencing Guidelines, the actual sentence imposed is based upon the seriousness of the offense and the criminal history, if any, of the defendant.

Pending sentencing, the court continued Raspatello on bond.

Assistant United States Attorney Christian A. Trabold is prosecuting this case on behalf of the government.

The Federal Bureau of Investigation and the Pennsylvania State Police conducted the investigation that led to the prosecution of Raspatello.

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