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Phoenix man ordered to pay $2.9M in loan fraud

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PHOENIX (CBS5) -

A Phoenix man has been sentenced to 30 months in prison and has to pay up more than $2.9 million for commercial loan fraud.

The Office of the U.S. Attorney Arizona District said Joseph Gagliano, 45, got a SBA loan for a car wash in Chandler and mortgage loans for residential real estate in Scottsdale and Phoenix. He submitted loan applications that claimed his father, who has the same name, was the actual borrower and also lied about his income, assets, liabilities and plans to live in the homes.

Gagliano also forged signatures, altered bank statements and submitted bogus lease agreements in a scheme that went on from June 2006 to July 2010.

The Small Business Administration, Wells Fargo Bank and JP Morgan Chase lost nearly $3 million from the scheme.

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