Peter M. Cicero, of Adams, was sentenced today to 4 1/2 years in prison for bank fraud and money laundering schemes through which he obtained millions of dollars in loans.
Cicero, 41, obtained a series of loans backed by falsified documents. IRS investigators also found that Cicero was hiding money using bank accounts he created in relatives' names, and borrowing money collateralized with the properties of in-laws without their permission or knowledge.
"He wants to drive a Bentley, he wants to drive a Ferrari, and he's willing to rip off [his father-in-law] to do it," said assistant U.S. attorney Brendan Conway.
U.S. District Judge David S. Cercone said that Cicero "has devastated the lives of many people" through the frauds.
In addition, Cicero must pay restitution totaling $3.63 million to four banks.
Rich Lord: firstname.lastname@example.org, 412-263-1542 or Twitter @richelord First Published October 18, 2013 8:15 AM