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BOSTON REAL ESTATE DEVELOPER SENTENCED ON BANK FRAUD CHARGES

 BOSTON, April 7 /PRNewswire/ -- A. John Pappalardo, United States Attorney for the District of Massachusetts, and Margaret R. Hinkle, Director of the New England Bank Fraud Task Force, announced that Boston real estate developer Joseph T. Eldridge was sentenced on April 2, 1993 to six months incarceration, six months' home detention and two years of supervised release. Eldridge was also ordered to pay restitution of $500,000. Eldridge was sentenced by United States District Court Judge William G. Young.
 Eldridge pleaded guilty on January 7, 1993, to one count of bank fraud and one count of making false statements arising from a $1.4 million loan in 1987 from BayBank Harvard Trust of Cambridge, Mass. Eldridge sought the loan for the purpose of developing 16 town houses in Dorchester, Mass. In connection with obtaining the loan Eldridge submitted a false financial statement. After receiving the loan he diverted a portion of the funds for his own use.
 The case was investigated by Special Agents of the Federal Bureau of Investigation and prosecuted by William T. Clabault and Michael F. Ruggio, Trial Attorneys with the United States Department of Justice.
 -0- 4/7/93
 /CONTACT: Press Officer of the U.S. Attorney's Office, 617-223-9445/


CO: ST: Massachusetts IN: SU:

DJ -- NE011 -- 3847 04/07/93 15:02 EDT
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Publication:PR Newswire
Date:Apr 7, 1993
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