U.S. Attorney Michael DiGiacomo has announced that Michael Torres, aged 37 from Rochester, New York, has pleaded guilty to financial institution fraud. This offense carries a potential sentence of up to 30 years in prison and a fine amounting to $1,000,000.
Assistant U.S. Attorney Douglas A. C. Penrose, who is in charge of the case, explained that Torres engaged in fraudulent activities between September 2021 and February 2022 while working as a Relationship Manager at a financial institution known as Financial Institution 1. During his tenure, Torres exploited his position by applying for loans using the names of others without their consent or knowledge. He successfully applied for 19 loans totaling $168,000, which he subsequently deposited into accounts he controlled.
The guilty plea resulted from an investigation conducted by the Federal Bureau of Investigation. The investigation was led by Special Agent-in-Charge Matthew Miraglia.
