Somerset man pleads guilty to illegal participation in bank loan

Hampden County
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SPRINGFIELD, Mass. (WWLP) – A Somerset man pleaded guilty in Springfield federal court Wednesday to a charge in connection with his illegal involvement in a loan with a financial institution. 

According to the state Department of Justice, 60-year-old Anthony Riccitelli pleaded guilty to one count of participation in a loan with a financial institution.

A sentencing date has been dated for December 11. 

Riccitelli was charged by information in July 2019. In court on Wednesday, he admitted to loaning $80,000 to Diecast Connections Company, Inc., based in Chicopee, the same time he was a bank officer for Blue Hills Bank. 

The Justice Department said Riccitelli proposed that Blue Hills Bank give a $4.2 million loan to Diecast without disclosing to Blue Hills Bank the loan he made to Diecast. 

Riccitelli is said to have received a loan of $80,000 after the loan closed. 

He could spend up to 30 years in prison, five years of supervised release and pay a fine of $1 million. 

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