Man Sentenced to 108 Months for Bank Fraud
| U.S. Attorney’s Office January 27, 2011 |
BUFFALO, NY—U.S. Attorney William J. Hochul, Jr. announced today that Frank E. Peters, 63, who was convicted of conspiracy, bank fraud, and mail and wire fraud by a federal jury, was sentenced to 108 months in jail by Chief U.S. District Court Judge William M. Skretny. Judge Skretny also ordered Peters, who had residences in both Palm Desert, California and Aspen, Colorado, to pay restitution of over $11,000,000 to Chase Bank and forfeit over $23,000,000.
Assistant U.S. Attorney Gretchen L. Wylegala, who handled the case, stated that the defendant was the president of a local company, World Auto Parts, which had a large asset-based loan with Chase Bank. The loan failed in mid-2000 and it was discovered that the value of the assets had been grossly inflated. Following a 10 week jury trial, Peters was convicted on six felony charges. He has been incarcerated since last January, as a result of his tampering with an electronic monitoring bracelet.
The conviction was the culmination of an investigation on the part of special agents of the Federal Bureau of Investigation, under the direction of Special Agent in Charge James H. Robertson.