Felon Pleads Guilty to Multiple Fraud Charges
Defendant caused over $500,000 in losses to various banks and credit card companies
BOSTON – A Springfield man pleaded guilty in federal court in Springfield yesterday in connection with various fraud schemes.
Talal H. Soffan, 46, pleaded guilty to making false statements to a federally insured financial institution, wire fraud, aggravated identity theft, conspiracy, and bank fraud. U.S. District Court Judge Mark G. Mastroianni scheduled Soffan’s sentencing for May 23, 2019.
In 2014, Soffan was charged by indictment, and in 2018, he was charged by information with additional criminal counts.
In March 2007, Soffan applied for two bank loans totaling $45,000 for his company, All Waste Management LLP. In the process of securing the loans, Soffan concealed his and an associate’s prior felony convictions. After receiving the loans, Soffan then misspent the loan proceeds, defaulted on the loans, and exploited both accounts in connection with a series of credit card bust-out schemes. In those schemes, Soffan defrauded various banks and credit card companies through 27 different accounts obtained in his name, the name of his business, other businesses, and other individuals, resulting in an overall loss of approximately $528,624.
In addition, Soffan conspired with a local real estate broker to defraud various banks relating to foreclosed properties owned by the banks. Soffan sent the broker e-mails containing his company’s genuine bid and false bids from other companies to ensure that his company received contracts to perform repair and maintenance work on the foreclosed properties. In exchange for receiving approximately $75,186 in contracts for his company, Soffan allowed the broker to keep approximately five percent of his company’s invoiced amounts.
The charges of making false statements to a federally insured financial institution and bank fraud each provide for a sentence of no greater than 30 years in prison, up to five years of supervised release, and a fine of $1 million. The wire fraud charges each provide for a sentence of no greater than 20 years in prison, up to three years of supervised release, and a fine of $250,000. The conspiracy charge provides for a sentence of no greater than five years in prison, up to three years of supervised release, and a fine of $250,000. The aggravated identity theft charges provide for a mandatory two year prison sentence consecutive to any other sentence imposed. Sentences are imposed based upon the U.S. Sentencing Guidelines and other statutory factors.
United States Attorney Andrew E. Lelling; Robert Manchak, Acting Special Agent in Charge of the Federal Housing Finance Agency; Kristina O’Connell, Special Agent In Charge of the Internal Revenue Service, Criminal Investigation, New England Field Division; Joseph R. Bonavolonta, Special Agent in Charge of the Federal Bureau of Investigation, Boston Field Division; and Joseph W. Cronin, Inspector in Charge of the U.S. Postal Inspection Service, Boston Division, made the announcement. Assistant U.S. Attorneys Steven H. Breslow and Deepika Shukla of Lelling’s Springfield Branch Office are prosecuting the case.