Eight loans totaling $690,000 were obtained by others but the money went to Matthew Mensinger who promised to pay them back.
John Beauge | Special to PennLive
WILLIAMSPORT – The former chief lending officer of a Columbia County bank has admitted running a straw loan scheme over a nine-year period. Matthew W. Mensinger, 48, of Berwick, pleaded guilty Thursday in U.S. Middle District Court to a charge ofMensinger in his role as chief lending officer for 1st Keystone Community Bank in Berwick admitted using friends and family members to apply for eight loans totaling $690,000 between November 2011 and June 2020.
The loan applications stated the money was for small business purposes but Assistant U.S. Attorney Phillip A. Caraballo said the money went to Mensinger.The bank would have never approved the loans had it known Mensinger was the recipient of the money, the prosecutor said he was told.Mensinger will be required to make full restitution the amount of which will be determined before sentencing the date of which has not been set. The guidelines call for a jail term of at least two years.
He is represented by court-appointed counsel because Judge Matthew W. Brann found, based on submitted financial documents, that Mensinger cannot afford a private attorney.
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