Greenfield woman pleads guilty to conspiracy to hide $486K from Wells Fargo

Staff Writer
Published: 11/12/2019 11:26:29 PM

SPRINGFIELD — The Greenfield woman who pleaded guilty in connection with concealing $486,000 from Wells Fargo was sentenced in federal court Tuesday, though specifics about her sentence were not available by press time.

Marlene Borer pleaded guilty in September to one count of conspiracy to make false statements to a federally insured financial institution and one count of false statements to a federally insured financial institution. Sentencing in U.S. District Court in Springfield was scheduled for 2 p.m.

The conspiracy charge provides for a sentence of not more than five years in prison, up to three years of supervised release and a $250,000 fine, according to the Department of Justice. The false-statements charge provides for a sentence of not more than 30 years in prison, up to five years of supervised release and a $250,000 fine. Sentences are imposed based upon the federal sentencing guidelines and other statutory factors.

According to the U.S. Attorney’s Office for the District of Massachusetts, Borer’s brother and brother’s then-wife owed Wells Fargo Bank roughly $1.32 million in outstanding loans in August 2011. Borer, acting as her brother’s bookkeeper, received into her Massachusetts bank account in March 2012 approximately $1.1 million related to a judgment from a Honduran court, according to the plea agreement.

Of that $1.1 million judgment, $486,000 belonged to Borer’s brother and his then-wife. A few days after Borer received the money, her brother emailed her to “keep (the) bulk” of the money in her account because “Wells Fargo might be conducting an asset search on us to try and recover the judgments. Just transfer what is needed to pay bills as they arrive,” according to the U.S. Attorney’s Office.

Borer distributed the money from her account as he requested, the office reports.

Borer prepared a false personal financial statement on or about May 24, 2012, for her brother and his then-wife, declaring they had $4,200 in the bank, the U.S. Justice Department says. Borer’s brother provided the personal financial statement to Wells Fargo, which reportedly relied upon it to negotiate their debt.

Wells Fargo agreed to forgive the personal obligations of Borer’s brother and brother’s then-wife in exchange for $50,000. According to the Department of Justice, Wells Fargo would not have settled for $50,000 had it known Borer’s brother and brother’s then-wife had received $486,000 in cash from the Honduran judgment.

Assistant U.S. Attorney Steven H. Breslow of Lelling’s Springfield Branch Office prosecuted the case.

Reach Domenic Poli at: dpoli@recorder.com or
413-772-0261, ext. 262.


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