Dearborn-Based Business Owner and Former Attorney Sentenced to Prison for Bank Fraud
|U.S. Attorney’s Office November 19, 2013|
The owner of a Dearborn, Michigan-based real estate company was sentenced to 110 months in prison, and a former Dearborn attorney was sentenced to 48 months in prison following their convictions for bank fraud and commercial bribery, announced United States Attorney Barbara L. McQuade.
Making the announcement along with U.S. Attorney McQuade were Paul M. Abbate, Special Agent in Charge of the Detroit Office of the Federal Bureau of Investigation; Giovanni Tiano, Special Agent in Charge of the Dearborn Office of the Department of Homeland Security-Office of Inspector General; and Jeffrey Frost, Special Agent in Charge of the Detroit Office of the U.S. Secret Service.
Defendant, Hussein “Sam” Nazzal, 60, of Dearborn, and the owner of the of G&S Development real estate investment firm, was sentenced to serve 110 months in federal prison following his conviction at trial for bank fraud, bribery of a bank officer, and obstruction of justice. Nazzal was also order to pay $2.9 million in restitution to his victims.
Defendant Edward A. Schneider, 60, of Dearborn, the former principal in the law firm Edward Schneider P.C., was sentenced to serve 48 months in prison following his conviction at trial for bank fraud and bribery of a bank officer.
Schneider was also ordered to pay more than $2.7 million in restitution to his victims.
Both defendants were sentenced before the Honorable David M. Lawson of the U.S. District Court for the Eastern District of Michigan.
As part of the same prosecution, four additional defendants were previously sentenced to terms ranging from two years of probation to 40 months in prison. One defendant faces deportation to Lebanon on his release from the Bureau of Prisons.
In announcing the two sentences, McQuade stated, "Bank fraud offenses harm all of us by shifting costs to consumers and by making it harder for legitimate borrowers to obtain loans.”
Special Agent in Charge Abbate stated, "These types of crimes target our financial institutions, the integrity of which is critical for our communities. The FBI Detroit Division, in concert with our law enforcement partners, will continue to aggressively pursue those who fraudulently enrich themselves at the expense of us all."
Special Agent in Charge Tianno stated, “The DHS-OIG is very pleased by the successful outcome of this investigation and will continue to be committed to working with our law enforcement partners to aggressively pursue those who selfishly engage in the corruption of our financial institutions, which ultimately results in the weakening of our nation’s economy.”
Special Agent in Charge Frost stated, “The consequences of financial crimes perpetrated against individuals and organizations are far-reaching and long-lasting. The Secret Service believes that building trusted partnerships between all levels of law enforcement has been a proven and successful model for facing the challenges of criminal activity. It is through our collaborative approach with established partnerships that the Secret Service plays a critical role in detecting, investigating and mitigating the effects of financial crimes.”
This case was investigated by the Federal Bureau of Investigation, the Department of Homeland Security-Office of Inspector General, and the United States Secret Service.