A Roseville man has been sentenced to 51 months in federal prison for bank fraud in a multimillion-dollar loan fraud scheme.
Ryan Costo, 40, pleaded guilty in October 2013. He was sentenced Friday in Sacramento by U.S. District Judge Morrison C. England Jr.
According to court documents, Costo overstated his income and financial assets in connection with a $1.35 million loan from Bank of America related to the acquisition of a classic aircraft.
Costo not only made false statements about his income and various bank and stock account balances on the loan application, but also caused various false and fraudulent account statements and tax returns to be given to the Bank of America to procure a loan, according to a U.S. Attorney’s Office news release.
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Costo made various false representations and submitted false documents to obtain three other loans: $1.95 million from CitiMortgage Inc. related to a Granite Bay residence; $3 million from Washington Mutual Bank, now Chase, related to another Granite Bay residence; and $267,000 from San Diego Private Bank.
The case resulted from an investigation by the FBI.