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WAKEFIELD MAN SENTENCED FOR MAKING FALSE STATEMENTS FOR LOANS

 WAKEFIELD MAN SENTENCED FOR MAKING FALSE STATEMENTS FOR LOANS
 BOSTON, May 8 /PRNewswire/ -- A Wakefield man was sentenced yesterday for making false statements to obtain three federally guaranteed student loans and two bank loans.
 U.S. Attorney A. John Pappalardo announced today that Michael DiCorato, age 48, of 32 Karen Rd., Wakefield, Mass., sentenced by U.S. District Judge Edward F. Harrington to a six-month term of imprisonment and was ordered to pay $86,921.31 in restitution to Workingmens Cooperative Bank. Judge Harrington also ordered DiCorato to serve an additional two months in a community treatment center as a condition of his supervised release.
 DiCorato previously pleaded guilty on March 6, 1992 to a five- count Information charging him with three counts of making false statements and two counts of making false statements to a federally insured bank. At the change of plea hearing 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 $255,000 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 $86,921.31.
 The case was investigated by Inspectors with the Internal Revenue Service and Special Agents with the United states Department of Education. It was prosecuted by Assistant U.S. Attorney Sharen Litwin of the Major Crimes Division in Pappalardo's Office.
 -0- 5/8/92
 /CONTACT: Press Officer, U.S. Attorney's Office, 617-223-9445/ CO: ST: Massachusetts IN: SU:


SH -- NE017 -- 8327 05/08/92 18:49 EDT
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Publication:PR Newswire
Date:May 8, 1992
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