Q: Whatever happened to Ryan William Costo of Granite Bay, who was indicted by a federal grand jury in September 2012 for mail, wire and bank fraud? Was he ever convicted?
Ryan, West Sacramento
A: Ryan William Costo was indicted for mail, wire and bank fraud that allegedly cost lenders more than $3 million.
The 2012 indictment accused him of overstating his income and financial assets in applying for three loans: a $1.95 million loan from Citimortgage Inc. for purchase of a residence, a $3 million loan from Washington Mutual Bank for purchase of another residence, and a $1.35 million loan from Bank of America for a classic 1945 P-51 aircraft. According to the indictment, he also caused various false account statements and tax returns to be submitted to the lenders to procure the loans.
Online court records show that Costo, as part of a plea agreement, pleaded guilty in October 2013 to bank fraud. He has yet to be sentenced. According to court records, sentencing is set for Nov. 5.