Insurance Exec Admits To Hiding $20M Loan Fraud

Law360, New York (February 7, 2011, 4:15 PM EST) -- The former controller of insurance brokerage Smith Gatta Gelok pled guilty Monday to attempting to conceal a $20 million fraudulent loan scheme carried out by recently imprisoned former partner Gavin Gatta.

Donald Bargholz, 49, of Jackson, N.J., pled guilty in the U.S. District Court for the District of New Jersey to one count of concealing a felony, according to U.S. Attorney Paul J. Fishman, who said the crime carried a maximum penalty of three years in prison.

With his plea, Bargholz admitted he became aware of...
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