BINGHAMTON, N.Y. – A mother and son have entered guilty pleas to illegally obtaining more than $14 million in loans from Broom County Teachers FCU.
The pair admitted to guilt to a two-year scheme in which they created phony documents, forged signatures and invented fictitious borrowers to obtain the funds from BCT FCU. Pleading guilty were Scott Lonzinski, 32, and his mother, Laura Conarton, 46. Under the scheme the two used fake documents for non-existent certificates of deposit that were used as collateral for the funds borrowed. Using the fake personas, they obtained 10 loans worth $14 million from the credit union. The funds were used to finance Lonzinski’s construction business, where his mother was manager and bookkeeper. They also bought vehicles, remodeled Lonzinski’s house and paid other business and personal expenses.
The scam was discovered by NCUA during an exam. More than $5 million in bank accounts and property has been recovered. Sentencing is scheduled for December.