A Springfield man pleaded guilty in federal court on charges in connection with various fraud schemes.
The Department of Justice told 22News 46-year-old Talal H. Soffan, pleaded guilty on Tuesday, to making false statements to a federally insured financial institution, wire fraud, aggravated identity theft, conspiracy, and bank fraud.
In 2014, Soffan was indicted on charges, and in 2018, he was charged by information with additional criminal counts.
The Justice Department said Soffan applied for two bank loans totaling in $45,000 for his company, All Waste Management LLP., in March 2017.
While in the process of receiving the loans, Soffan is said to have lied about his and an associate’s prior felony convictions. After he received the bank loans, Soffan inappropriately spent the money, defaulted on the loans, and exploited both accounts in connection with a series of credit card companies through 27 different accounts in his name, the name of his businesses, and other individuals.
The court said Soffan’s actions resulted in an overall loss of $528,624.
Soffan also worked with a local real estate broker to defraud multiple banks relating to foreclosed properties owned by the banks.
“Soffan sent the broker e-mails containing his company’s genuine bid and false bids from other companies to ensure that his company received contracts to perform repair and maintenance work on the foreclosed properties,” the Department of Justice said.
Soffan received $75,186 in contracts for his company, which in return, allowed the broker to keep five percent of the company’s invoiced amounts.
Soffan could be sentenced to more than 50 years in prison, serve more than five years of supervised release and pay more than $1 million in fines.
A sentencing date for Soffan has been scheduled for May 23.