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A WAKEFIELD MAN PLEADS GUILTY TO MAKING FALSE STATEMENTS TO OBTAIN STUDENT LOANS AND BANK LOANS

A WAKEFIELD MAN PLEADS GUILTY TO MAKING FALSE STATEMENTS TO OBTAIN
 STUDENT LOANS AND BANK LOANS
 BOSTON, March 6 /PRNewswire/ -- A Wakefield man pleaded guilty today to making false statements to obtain three federally guaranteed student loans and two bank loans.
 U.S. Attorney Wayne A. Budd announced that Michael DiCorato, age 48, of 32 Karen Road, Wakefield, Mass., pleaded guilty today before U.S. District Judge Edward F. Harrington to a five-count information charging him with three counts of making a false statement and two counts of making a false statement to a federally insured bank.
 A federal prosecutor advised Judge Harrington that, between 1987 to 1990, DiCorato obtained three federally guaranteed student loans and a grant in the total amount of $8,675 from Bentley College for his daughter by submitting false federal financial aid forms and false income tax returns. DiCorato misrepresented his income, real estate and stock holdings, and savings. The prosecutor further advised Judge Harrington that in 1986 DiCorato obtained a loan in the amount of $155,000 from the Falmouth Cooperative Bank and in 1987 he obtained a loan in the amount of $225,000 from the Workingmens Cooperative Bank by submitting false tax returns and loan applications which inflated his income. DiCorato defaulted on his loan from Workingmens Cooperative Bank and the bank sustained a loss of $74,000.
 Judge Harrington scheduled sentencing for May 5, 1992 at 2:30 p.m. DiCorato faces a penalty of a maximum of five years imprisonment on each of the student loan counts and two years imprisonment on each of the bank loan counts. He alsofaces a maximum fine of $250,000 on each of the counts.
 The case was investigated by Inspectors with the Internal Revenue Service and Special Agents with the United States Department of Education. It is being prosecuted by Assistant U.S. Attorney Sharen Litwin of the Major Crimes Division in Budd's Office.
 -0- 3/6/92
 /CONTACT: Press Officer, U.S. Attorney's Office, 617-223-9445/ CO: ST: Massachusetts IN: SU:


EG -- NE012 -- 6025 03/06/92 16:55 EST
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Publication:PR Newswire
Date:Mar 6, 1992
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