PLANTSVILLE MAN SENTENCED FOR BANK FRAUD

Kevin J. O'Connor, United States Attorney for the District of Connecticut, announced that PETER W. GOODWIN, age 52, of Plantsville, Connecticut, was sentenced today in federal court by United States District Judge Stefan R. Underhill to an effective sentence of 6 hours' imprisonment to be followed by 3 years of supervised release, including 8 months of home confinement with electronic monitoring. GOODWIN was also ordered to make restitution to the victim in the amount of $384,626.00. Under the applicable federal sentencing guidelines, GOODWIN was exposed to a sentence of imprisonment of 15 to 21 months. Over the Government's objection, Judge Underhill departed down from the applicable guidelines to impose the sentence described above.

GOODWIN, an officer and director of Nutmeg Builders, Inc., a real estate development entity in Southington, Connecticut, previously pleaded guilty to participating in a bank fraud conspiracy. In order to obtain unsecured lines of credit from Fleet Bank, GOODWIN and his co-conspirators prepared false loan application packages to be submitted to Fleet, including false personal and corporate tax returns and Forms W2. The tax documentation contained substantially inflated income figures. In addition to obtaining a line of credit in his own name, GOODWIN also filed an application in the name of his wife, again with false tax documentation submitted in support. GOODWIN, along with his co-conspirators, created a fictitious business in his wife's name without her knowledge and applied for credit in the name of that business. Fleet gave GOODWIN and his co-conspirators unsecured credit lines, and a year later, GOODWIN sought additional financing in his own name and in his wife's name. The applications and tax returns submitted in support of these additional lines of credit were false as well. Fleet again provided an unsecured credit to GOODWIN, to his co-conspirator Wayne Sadowski, and to Goodwin's wife, based on the fraudulent loan applications. GOODWIN and his co-conspirators ultimately defaulted on the loans, resulting in a loss to Fleet of $384,626.

GOODWIN's co-conspirator, Wayne Sadowski, will be sentenced by Judge Underhill tomorrow.

This case was investigated by Special Agents of the Federal Bureau of Investigation and is being prosecuted by Assistant United States Attorney Karen L. Peck.

CONTACT:

U.S. ATTORNEY'S OFFICE
Delcie Thibault
Public Information Office
(203)821-3722 Office
(203)627-1082 Cell