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Date: 02-22-2019
Case Style:
United States of America v. Jeffrey Borer
Case Number: 3:18-cr-30055-MGM
Judge: Mark G. Mastroianni
Court: United States District Court for the District of Massachusetts (Hampden County)
Plaintiff's Attorney: Steven H. Breslow
Defendant's Attorney: Michael O. Jennings
Description:
Springfield, MA - Former Massachusetts Man Pleads Guilty to Conspiracy to Hide $486,000 From Federally Insured Financial Institution
A former Massachusetts man pleaded guilty yesterday in federal court in Springfield to his role in a conspiracy to hide money from a federally insured financial institution.
Jeffrey Borer, 59, formerly of Hatfield, pleaded guilty to one count of conspiracy to make false statements to a federally insured financial institution and one count of false statements to a federally insured financial institution. U.S. District Court Judge Mark G. Mastroianni scheduled sentencing for July 17, 2019.
In August 2011, Borer and another person owed Wells Fargo Bank approximately $1.32 million in outstanding loans. In March 2012, Borer’s sister, who was acting as their bookkeeper, received approximately $1.1 million, which related to a judgment from a Honduran court, in her Massachusetts bank account. The share of these funds belonging to Borer and the other person was $486,000. A few days later, Borer sent an e-mail to his sister to “keep [the] bulk” of their funds in her account because “Wells Fargo might be conducting an asset search on us to try and recover on the judgments. Just transfer what is needed to pay bills as they arrive.” Borer’s sister distributed their funds from her account as he requested.
On or about May 24, 2012, Borer’s sister prepared a false personal financial statement for Borer, stating that he and the other person only had $4,200 of cash in the bank. Borer provided the statement to Wells Fargo, which relied upon it to negotiate their debt. On Oct. 31, 2012, Borer executed a settlement agreement with Wells Fargo, in which the bank agreed to forgive Borer’s personal obligations in exchange for a payment of only $50,000. Wells Fargo would not have settled for $50,000 had it known that Borer and the other individual had received $486,000 in cash from the Honduran judgment.
On Sept. 20, 2018, Borer’s sister pleaded guilty to these same charges. Her sentencing is scheduled for April 25, 2019.
The false statements charge provides for a maximum sentence of thirty years in prison, a maximum of five years of supervised release, and a fine of $250,000. Sentences are imposed based upon the U.S. Sentencing Guidelines and other statutory factors.
Charge:
18 U.S.C. § 371 Conspiracy
(1)
18 U.S.C. §§ 1014 and 2: False Statement To Financial Institution; Aiding and Abetting
(2)
Outcome: 12/11/2018 4 ELECTRONIC NOTICE OF HEARING for Initial Appearance as to Jeffrey Borer. Initial Appearance set for 2/20/2019 at 12:00 PM in Franklin Courtroom before Judge Mark G. Mastroianni. (Bartlett, Timothy) (Entered: 12/11/2018)
12/11/2018 5 ELECTRONIC NOTICE OF HEARING as to Jeffrey Borer. Waiver of Indictment and Plea to Information hearing set for 2/20/2019 at 12:00 PM in Franklin Courtroom before Judge Mark G. Mastroianni.
Counsel is to contact U.S. Probation and Pretrial Services as soon as possible http://www.map.uscourts.gov/psi-interview-schedule to determine scheduling of the presentence interview. (Bartlett, Timothy) (Entered: 12/11/2018)
Plaintiff's Experts:
Defendant's Experts:
Comments: