BEDFORD, N.Y. – A Bedford real estate agent has pleaded guilty in federal court to felony bank fraud and wire fraud charges for stealing a condominium association’s money, according to court documents.
Peter Iovino, 56, was accused of fraudulently obtaining a $150,000 loan from First Associations Bank in the name of the Bedford Terrace Condo Association, for which he served as president. The court documents say he misrepresented “to the bank the purposes for which the loan proceeds were going to be used.” He then made several unauthorized debit card transactions from the association’s accounts.
Prosecutors also say Iovino created fraudulent bank account summaries of accounts belonging to the Bedford Terrace Condominium Association in order to conceal that he had withdrawn money from those accounts.
According to court records, the crimes occurred between September 2009 and October 2011.
Iovino, formerly of Shrub Oak, is out on bail and is scheduled to be sentenced May 17 in federal court in White Plains.
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