Mass. Fraudster Pleads Guilty To Lending Conspiracy

Law360, New York (November 23, 2010, 6:50 PM EST) -- A Massachusetts man has pled guilty to federal felony charges of wire fraud and conspiracy in connection with a scheme to defraud a Lunenberg, Mass.-based plastics manufacturer's lenders of millions of dollars.

Former Gitto/Global Corp. controller William Deakin entered his plea in the U.S. District Court for the District of Massachusetts on Monday, with a sentencing scheduled for Feb. 15.

From 1998 to September 2004 the principals of Gitto/Global conducted a massive fraud scheme against the company's bankers by systematically overstating the company’s sales and inventory,...
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