Long Island Fraudster Gary Confredo AKA Gary Conte Pleads Guilty to $3 Million Loan Fraud Scheme. He Now Faces 30 Years In Prison

Long Island fraudster Gary Confredo pleaded guilty to conspiracy to commit bank fraud. Confredi was the mastermind in a scheme to defraud Bank of America of more than $3.2 million

Confredi also known as Gary Conte operated Goldstar Financial Management Corporation (Goldstar). Goldstar was a financial services business based in Commack, New York

Confredi pleaded guilty to conspiracy to commit bank fraud. Goldstar obtained loans and lines of credit under false pretenses. Thus, defrauding Bank of America of more than $3.2 million.

Confredo faces up to 30 years in prison. As part of his guilty plea, Confredo agreed to forfeit approximately $140,000. He also agreed to pay restitution in an amount to be determined by the Court at his sentencing.

USAO Attorney Breon Peace told the media:

Mr. Confredo defrauded Bank of America of millions of dollars while on supervised release from a previous conviction.  With his guilty plea today, he has taken responsibility for his greed and hopefully will stop the revolving door on his life of crime. 

Between November 2016 and October 2019, Goldstar submitted fraudulent loan applications to Bank of America. The loan applications were on behalf of Goldstar clients.

Goldstar clients agreed to pay Confredo a portion of any loan that he secured on their behalf. 

Confredo manipulated the application process by inflating clints’ incomes and assets by altering tax returns and bank statements. As a result, this allowed them to qualify for loans and lines of credit under Bank of America’s lending criteria. Consequently, Bank of America issued approximately $3.2 million in loans and lines of credit to Goldstar’s clients.

Goldstar’s clients did not repay the loans. As a result, Band of America sustained losses of approximately $1 million when those loans were not repaid. 

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