Joseph Nocito Sentenced For Commit Bank Fraud and Filing a False Tax Return

Allegheny County Businessman Sentenced to 16 Months in Prison for Fraud Scheme

PITTSBURGH – An Allegheny County businessman was sentenced today in federal court to sixteen months imprisonment, followed by two years of supervised release, restitution of $1,872,935 and a fine of $25,000, on his convictions of conspiracy to commit bank fraud and filing a false tax return, United States Attorney David J. Hickton announced today.

United States District Court Judge Arthur J. Schwab imposed sentence upon Joseph Nocito, Jr. of Sewickley, Pennsylvania.

According to information presented to the Court, Nocito knowingly and willfully conspired with other individuals to commit an offense against the United States, that is, bank fraud, in connection with Nocito’s purchase of the real property located in Longboat Key, Florida. Nocito purchased the property on July 27, 2007, with a mortgage loan from Washington Mutual Bank in the amount of $2,377,000. In loan documents submitted by Nocito to the bank, Nocito falsely represented that the purchase price of the property was $3,000,000 and that a $600,000 cash deposit had been made by or on behalf of Nocito toward the purported $3,000,000 sales price. As part of the conspiracy, $458,350 of the mortgage loan monies were paid to Nocito as kickbacks, without the knowledge or approval of Washington Mutual Bank.

Nocito also filed a false tax return for calendar year 2007 in which Nocito reported that his total adjusted gross income was $88,269, whereas, as he knew and believed, his correct total adjusted gross income was $529,619.

Assistant United States Attorney Mary McKeen Houghton prosecuted this case on behalf of the government.

U.S. Attorney Hickton commended the United States Secret Service and the Internal Revenue Service, Criminal Investigation, for the investigation leading to the successful prosecution of Nocito.

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