SPRINGFIELD, Mass. (WWLP) – A Springfield man was sentenced to prison in Springfield’s federal court on Friday for committing various fraud schemes.
According to the Department of Health, Talal H. Soffan, 46, was sentenced to 30 months in prison. He will also spend five years of supervised release and pay $573,624 in fines.
In February 2019, Soffan pleaded guilty to making false statements to a federally insured financial institution, wire fraud, aggravated identity theft, conspiracy, and bank fraud. In March 2007, Soffan applied for two bank loans totaling $45,000 for his company, All Waste Management LLP.
In the process of securing the loans, Soffan concealed his and an associate’s prior felony convictions. After receiving the loans, Soffan then misspent the loan proceeds, defaulted on the loans, and exploited both accounts in connection with a series of credit card bust-out schemes.
In those schemes, Soffan defrauded various banks and credit card companies through 27 different accounts in his name, the name of his business, other businesses, and other individuals, resulting in an overall loss of approximately $528,624.
In addition, Soffan conspired with a local real estate broker to defraud various banks relating to foreclosed properties owned by the banks. Soffan sent the broker e-mails containing his company’s genuine bid and false bids foreclosed properties.
In exchange for receiving approximately $75,186 in contracts for his company, Soffan allowed the broker to keep approximately five percent of his company’s invoiced amounts.