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.