James Scalzo, 46, who also worked as a loan officer at Fox River State Bank in Burlington, Wisc., pled guilty to money-laundering and bank fraud charges earlier this year after admitting in a plea agreement that he originated and approved fraudulent loans at both FIs in 2008-2009, according to a statement from the U.S. Attorney for the Eastern District of Wisconsin.
Scalva was ordered to serve three years supervised release following his prison term and to pay $200 in special assessments, the press release said, with the terms of restitution to be determined at a later date.
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The U.S. Attorney's Office said Scalvo's actions caused personal and financial hardship to numerous victims, including a couple whose home was pledged as collateral for a fraudulent loan and then allowed to go into foreclosure.
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