Date: August 18, 2022 Contact: email@example.com Buffalo, NY — U.S. Attorney Trini E. Ross announced today that Ronald Rechan, of Douglasville, Georgia, who was convicted of making a false statement on a bank loan application and tax evasion, was sentenced to serve six months in prison and ordered to pay restitution totaling $628,144 by U.S. District Judge John L. Sinatra, Jr. Assistant U.S. Attorney Michael DiGiacomo, who handled the case, stated that in November 2017, Rechan 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, Rechan committed tax evasion. During that period, while serving as a chief financial officer, Rechan 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 sentencing 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.