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Press Release

Mississippi Man Pleads Guilty to Bank Fraud Conspiracy

For Immediate Release
U.S. Attorney's Office, Eastern District of Louisiana

NEW ORLEANS – U.S. Attorney Duane A. Evans announced that JOHN SPOSATO, age 72, a resident of Kiln, Mississippi, pleaded guilty on January 18, 2024 before United States District Judge Eldon E. Fallon to conspiracy to commit bank fraud, in violation of Title 18, United States Code, Sections 371 and 1344.

According to court documents, SPOSATO began serving a three-year period of supervised release after his release from prison as a result of his previous conviction on about August 9, 2022, in United States v. John Sposato, on about August 9, 2022. While on supervised release, SPOSATO claimed to be President of several companies, including Pegasus Consulting and Development, LLC (“Pegasus Consulting”). These companies performed no work and generated no income. SPOSATO opened a financial account at Keesler Federal Credit Union in the name of Pegasus Consulting and on March 27, 2023, attempted to deposit a $10,000.00 check he received from a co-conspirator, knowing it to be counterfeit. The check was purportedly drawn on the financial account of an all-volunteer, non-profit, tax-exempt organization that supported a Florida public library. SPOSATO’s attempted deposit placed Keesler at risk of both civil liability and financial loss. When asked about the check, SPOSATO falsely told a United States Probation Officer that the check was compensation for consulting work he performed, both directly and through an associate named “Jack Morgan”, for the non-profit entity. In fact, SPOSATO knew he was not entitled to the check and had never performed work for the non-profit.

SPOSATO faces up to five (5) years in prison, up to three (3) years of supervised release, up to a $250,000 fine, and a $100 mandatory special assessment fee. Sentencing before Judge Fallon has been scheduled for .

U.S. Attorney Evans praised the work of the United States Probation Office and Federal Bureau of Investigation in investigating this matter. Assistant United States Attorney Jordan Ginsberg, Chief of the Public Integrity Unit, is in charge of the prosecution.


Shane M. Jones

Public Information Officer

United States Attorney's Office, Eastern District of Louisiana

United States Department of Justice

Updated January 19, 2024

Financial Fraud