United States Attorney's Office District of Connecticut
Press Release

SOUTHINGTON MAN SENTENCED FOR BANK FRAUD

United States Attorney Kevin J. O'Connor announced that WAYNE S. SADOWSKI, age 45, of Southington, Connecticut, was sentenced today in federal court by United States District Judge Stefan R. Underhill to one (1) day of imprisonment to be followed by 3 years of supervised release, including 12 months of home confinement with electronic monitoring. SADOWSKI was also ordered to make restitution to the victim in the amount of $384,626.00. Under the applicable federal sentencing guidelines, SADOWSKI was exposed to a sentence of imprisonment of 15 to 21 months. Over the Government's objection, Judge Underhill departed down from the applicable guidelines to impose the sentence described above.

SADOWSKI, an accountant and tax return preparer as well as an officer and director of Nutmeg Builders, Inc., a real estate development entity in Southington, Connecticut, previously pled guilty to participating in a bank fraud conspiracy. In order to obtain unsecured lines of credit from Fleet Bank, SADOWSKI and his co-conspirators prepared false loan application packages to be submitted to Fleet, including false personal and corporate tax returns and Forms W2. The tax documentation prepared by SADOWSKI contained substantially inflated income figures. In addition to obtaining a line of credit in their own names, the conspirators also filed an application in the name of a conspirator's wife, again with false tax documentation submitted in support. They created a fictitious business in the wife's name without her knowledge and applied for credit in the name of that business. Fleet gave SADOWSKI and his co-conspirators unsecured credit lines, and a year later, SADOWSKI again sought financing and prepared false and fraudulent tax returns that were submitted to Fleet. Fleet again provided unsecured credit to SADOWSKI, to his co-conspirator Peter Goodwin, and to Goodwin's wife, based on the fraudulent loan applications. SADOWSKI and his co-conspirators ultimately defaulted on the loans, resulting in a loss to Fleet of $384,626.

This case was investigated by Special Agents of the Federal Bureau of Investigation and is being prosecuted by Assistant United States Attorney Karen L. Peck.

CONTACT:

U.S. ATTORNEY'S OFFICE
Delcie Thibault
Public Information Office
(203)821-3722 Office
(203)627-1082 Cell