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MASSACHUSETTS RESIDENT CHARGED IN SCHEME TO DEFRAUD NEW ENGLAND ALLBANK FOR SAVINGS

 BOSTON, Jan. 8 /PRNewswire/ -- A. John Pappalardo, U.S. Attorney for the District of Massachusetts, and Margaret R. Hinkle, Director of the New England Bank Fraud Task Force, announced today that James J. Macklin, age 45, of Boxboro, Mass., was charged by information with two counts of bank fraud in connection with approximately $3,800,000 in loans that he obtained from the now defunct New England Allbank for Savings, which was formerly headquartered in Gardner, Mass.
 The information alleges that Macklin submitted a fraudulent personal financial statement to New England Allbank in connection with a $3,400,000 loan which Macklin obtained in May 1986 and which he used to purchase and develop a Chelmsford, Mass. office project known as Hunt Square. The information further alleges that Macklin submitted a second falsified personal financial statement to the bank in connection with a $389,040 loan which Macklin obtained in June 1986 and which he used to purchase three condominiums at a Chelmsford, Mass. development known as Woodcrest.
 If convicted, Macklin faces a maximum sentence of 10 years imprisonment and a fine of $500,000.
 This case was investigated by Special Agents of the Federal Bureau of Investigation and is being prosecuted by John G. Moon and Russel N. Jacobson, trial attorneys assigned to the New England Bank Fraud Task Force.
 The Task Force, established in 1991, is part of the Justice Department's ongoing campaign to combat fraud against federally insured financial institutions. Members of the Task Force include the U.S. Attorneys' Offices for each of the six New England states; the Fraud Section of the Department's Criminal Division; the Civil and Tax Divisions; the Federal Bureau of Investigation; the Internal Revenue Service; and the Secret Service.
 Pappalardo said that the investigation concerning New England Allbank is continuing.
 -0- 1/8/92
 /CONTACT: Press Officer, U.S. Attorney's Office, 617-223-9445/


CO: ST: Massachusetts IN: SU:

TM -- NE003 -- 3151 01/08/93 16:16 EST
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Date:Jan 8, 1993
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