Former RI Senator Maselli pleads guilty to bank fraud
By Mark Reynolds
PROVIDENCE, R.I. — Former state Sen. Christopher B. Maselli pleaded guilty to eight counts of bank fraud in U.S. District Court Wednesday morning after a judge warned him that he could spend 240 years in prison.
Maselli admitted that he lied about his income, doctored tax returns and also tampered with bank statements in a scheme to obtain various home mortgages and loans.
Maselli issued the plea after Chief Judge Mary Lisi informed him that she could impose a maximum sentence of 240 years imprisonment and $8 million in fines.
Federal prosecutors did not request any changes in the conditions of Maselli’s bail and he left the courthouse with his lawyer.
His sentencing is scheduled for Feb. 10.
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