Four men pleaded guilty to defrauding a Portuguese bank branch of US$170m through a sophisticated conspiracy that lasted nearly a decade, according to federal prosecutors.
Dominick Parlapiano and Carlos E. Mendez, the director and vice president of a joint venture called E.S. Bankest, a factoring company, pleaded guilty to conspiracy, wire fraud and two counts of bank fraud.
Otto Ambrosiani, Bankest's technology specialist, pleaded guilty last week to conspiracy, and Jeffrey Barnhill, a client of Bankest, pleaded guilty to conspiracy and bank fraud.
Maximum penalties for the bank and wire fraud charges include 30 years in prison and $1m in fines. The conspiracy charge carries maximum penalties of five years in jail and a $250,000 fine. Sentencing is set for this summer.
