BELCHERTOWN, Mass. (WWLP) - A Belchertown man was sentenced in Springfield Thursday for running an advance fee fraud scheme that defrauded 130 victims.
According to U.S. Attorney Carmen Ortiz, 65-year-old John Sacco was sentenced to 46 months in prison, three years of supervised release and $86,460 in restitution.
In May 2013, Sacco pleaded guilty to conspiracy to commit fraud, mail fraud, and being a felon in possession of a firearm, said Ortiz.
From August 2008 to December 2009, Sacco and others ran a national advance fee scheme that defrauded approximately 130 victims of over $800,000.
Ortiz said Sacco placed advertisements in national newspapers promising would be investors that they could make thousands of dollars a year by working with Sacco’s company, SAC Financial Corp, as brokers of business loans to individuals with poor credit.
People who responded to the advertisements were convinced into sending Sacco an up-front fee of between $3,500 and $6,900. Then, Sacco strung the victims along through a fictitious loan brokerage process which resulted in no actual loans being made.
Sacco also was sentenced for being a felon in possession of a firearm. In 2001, he was convicted in federal court of defrauding Monson Savings Bank of $236,000.
Copyright U.S. Attorney Carmen M. Ortiz