SPRINGFIELD — A former Hatfield man has pleaded guilty in U.S. District Court to charges related to hiding $486,000.
Jeffrey Borer, 59, pleaded guilty to one charge of conspiracy to make false statements to a federally insured financial institution and one charge of false statements to a federally insured financial institution on Thursday in Springfield. His sentencing has been scheduled for July 17.
The case dates back to Aug. 2011, when Borer and another individual owed Wells Fargo about $1.32 million in outstanding loans. Borer and another individual then received a $486,000 judgment from a Honduran court decision, and Borer conspired with his sister to hide this from Wells Fargo.
Borer and Wells Fargo settled his debt for $50,000 in 2012, something prosecutors say the bank would not have done if it had known about the award.
Borer’s sister pleaded guilty in September of last year to the same charges as Borer, and her sentencing is scheduled for April 25.
A conviction on false statements to a federally insured financial institution can carry a sentence of 30 years in prison.
