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.
Never miss a local story.
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.