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WORCESTER MAN SENTENCED TO 57 MONTHS IN PRISON FOR BANK FRAUD AND MONEY LAUNDERING

 WORCESTER MAN SENTENCED TO 57 MONTHS IN PRISON
 FOR BANK FRAUD AND MONEY LAUNDERING
 BOSTON, Aug. 28 /PRNewswire/ -- Yesterday, a Worcester contractor was given a prison sentence upon his convictions for bank fraud and money laundering.
 A. John Pappalardo, U.S. Attorney, announced that Joseph T. Duggan II 37, formerly of 95 Aylesbury Road, Worcester, Mass., and presently residing at 327 Plantation Street, Unit No. 3, Worcester, Mass., was sentenced today to a 57-month term of incarceration by U.S.District Judge A. David Mazzone. The judge also ordered Duggan to pay to Country Bank for Savings ("Country Bank") located in Ware, Mass. more than $1.2 million in restitution.
 In a Superseding Indictment returned by the grand jury on March 11, 1992, Duggan was charged in 12 counts of having violated the bank fraud statute and in one count of having violated the money laundering statute. On May 4, 1992, Duggan pleaded guilty to all counts of the Superseding Indictment.
 At a previous plea hearing, a prosecutor advised the Court that the evidence would have shown that, between January 1989 and April 1990, Duggan obtained from Country Bank 12 loans, totalling more than $1.6 million, by submitting to the bank knowingly false information. Such information included a false Social Security number, a false statement to the effect that he owned his residence "free and clear"; false copies of federal income tax returns; and false statements respecting ownership of aircraft. Several of these loans were obtained in the names of so-called "nominee borrowers," who were employed to conceal the identity of the true borrower, Duggan. In addition, Duggan caused $400,000 in proceeds from one such fraudulent loan to be "laundered" through another bank in order to conceal the source of such funds.
 The case against Duggan was investigated by Special Agents of the Federal Bureau of Investigation, and it was prosecuted by Assistant U.S. Attorney William P. Stimson of Pappalardo's Economic Crimes Unit.
 -0- 8/28/92
 /CONTACT: Press Office , U.S. Attorney's Office, 617-223-9445/ CO: ST: Massachusetts IN: SU:


TM -- NE006 -- 4478 08/28/92 15:01 EDT
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Publication:PR Newswire
Date:Aug 28, 1992
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