A former loan officer has been sentenced in federal court in Springfield, Massachusetts for defrauding MassMutual Federal Credit Union of nearly $1 million.
Brian Socha, 45, from Brookfield, Massachusetts, received an 18-month prison sentence and two years of supervised release. U.S. District Court Judge Mark G. Mastroianni also ordered Socha to pay $902,541.15 in restitution after he admitted to bank fraud involving his employer.
According to court documents, Socha accessed his co-workers’ computers more than 20 times without authorization. He used this access to secretly increase the credit limit and decrease the interest rate on a home equity line of credit (HELOC) for the house he owned with his wife. Over six years, Socha raised the HELOC credit limit from $135,500 to $995,000 and reduced the interest rate from 7.25% to 1.99%. The funds obtained through these actions were spent on personal expenses.
United States Attorney Leah B. Foley stated: “Socha admitted to defrauding MassMutual Federal Credit Union out of almost $1 million while he worked there as a loan officer.”
The case was announced by United States Attorney Leah B. Foley and Ted E. Docks, Special Agent in Charge of the Federal Bureau of Investigation Boston Division. Assistant U.S. Attorney Caroline Merck prosecuted the case.