PHILADELPHIA—Matthew Amato, 31, of Broomall, PA, pleaded guilty today to one count of making false statements to banks. A sentencing hearing is scheduled for November 12, 2014. Amato admitted today that between July 11, 2005 and August 9, 2005, he knowingly made and caused to be made false statements to Wachovia Bank, PNC Bank, and Sun National Bank for the purpose of influencing the actions of the banks upon lines of credit for which he had applied. Amato falsely claimed to be the sole proprietor and Chief Executive Officer of Chaka Fattah, Jr. & Associates, an existing business entity which previously had earned revenue, and falsely claimed that he would use the proceeds of the commercial loans for the working capital and business purposes of CFJA, as required under the terms of the loans.

Amato faces a maximum possible sentence of 30 years in prison, up to five years of supervised release, a fine of up to $250,000, and a $100 special assessment.

The case was investigated by the Federal Bureau of Investigation and the Internal Revenue Service is being prosecuted by Assistant United States Attorney Paul L. Gray.