Sewickley Man Admits Conspiring To Defraud Bank, Filing False Income Tax Return
PITTSBURGH - A resident of Sewickley, Pa., pleaded guilty in federal court to charges of conspiracy to commit bank fraud and filing a false income tax return, United States Attorney David J. Hickton announced today.
Joseph W. Nocito, Jr. pleaded guilty to two felony counts before United States District Judge Arthur J. Schwab.
According to information presented to the Court at the guilty plea, Nocito knowingly and willfully conspired with other individuals to commit an offense against the United States, that is, bank fraud, in connection with Nocito’s purchase of the real property located in Longboat Key, FL. Nocito purchased the property on July 27, 2007 with a mortgage loan from Washington Mutual Bank in the amount of $2,377,000. In loan documents submitted by Nocito to the bank, Nocito falsely represented that the purchase price of the property was $3,000,000 and that a $600,000 cash deposit had been made by or on behalf of Nocito toward the purported $3,000,000 sales price. As part of the conspiracy, $458,350 of the mortgage loan monies were paid to Nocito as kickbacks, without the knowledge or approval of Washington Mutual Bank.
Nocito also filed a false tax return for calendar year 2007 in which Nocito reported that his total adjusted gross income was $88,269, whereas, as he knew and believed, his correct total adjusted gross income was $529,619.
Judge Schwab scheduled sentencing for Oct. 15, 2015. The law provides for a maximum total sentence of eight years in prison, a fine of $500,000 or both. Under the Federal Sentencing Guidelines, the actual sentence imposed would be based upon the seriousness of the offenses and the prior criminal history, if any, of the defendant.
Pending sentence, the court released Nocito on bond.
Assistant United States Attorney Mary McKeen Houghton is prosecuting this case on behalf of the government.
The United States Secret Service and the Internal Revenue Service/Criminal Investigation Division conducted the investigation leading to the Information in this case.