A former loan officer from Brookfield, Brian Socha, has been charged and agreed to plead guilty to bank fraud in a scheme involving nearly $1 million. The plea hearing for the 45-year-old has not yet been scheduled.
The charges against Socha include hacking into his co-workers’ computers over 20 times to alter the home equity line of credit (HELOC) on his property. Allegedly, he increased the HELOC credit limit from $135,500 to $995,000 and reduced the interest rate from 7.25% to 1.99% over six years.
Bank fraud carries a potential sentence of up to 30 years in prison, five years of supervised release, and a fine of up to $1 million. Sentencing will be determined by a federal district court judge based on U.S. Sentencing Guidelines and statutes.
The announcement was made by United States Attorney Leah B. Foley and Ted E. Docks, Special Agent in Charge of the FBI Boston Division. Assistant U.S. Attorney Caroline Merck is handling the prosecution.
It is important to note that the details in the charging documents are allegations at this stage. The defendant remains presumed innocent until proven guilty beyond a reasonable doubt in court.
