Date: June 17, 2021 Contact: email@example.com Buffalo, NY — U.S. Attorney James P. Kennedy, Jr. announced today that Ronald Rechan of Douglasville, Georgia, pleaded guilty before U.S. District Judge John L. Sinatra, Jr. to making a false statement on a bank loan application and to tax evasion. The charges carry a maximum penalty of 30 years in prison and a fine of $1,000,000. Assistant U.S. Attorney Michael DiGiacomo, who is handling the case, stated that in November 2017, the defendant submitted a $150,000 home loan application to First National Bank of America. In order to influence the bank into issuing the loan, Rechan fraudulently overstated his income. In addition to providing false information to the bank, between April 2013 and January 2018, the defendant committed tax evasion. During that period, while serving as a chief financial officer, the defendant paid himself $1,962,167.21 which constituted income for federal tax purposes. In order to avoid paying tax on this income, Rechan paid personal expenses directly from a company account and deposited $332,746.19 into a nominee bank account. His actions resulted in a tax loss to the IRS of $628,144. The plea is the result of an investigation by the Internal Revenue Service, Criminal Investigations Division, under the direction of Thomas Fattorusso, Acting Special Agent-in-Charge, New York Field Office and the Federal Bureau of Investigation, under the direction of Special Agent-in-Charge Stephen Belongia. Sentencing is scheduled for October 12, 2021, before Judge Sinatra.