A Rochester man admitted in federal court Thursday to stealing more than $168,000 from his employer by fraudulently applying for loans in customers’ names.
Michael Torres, 37, pleaded guilty before U.S. Magistrate Judge Jeremiah J. McCarthy to financial institution fraud, according to U.S. Attorney Michael DiGiacomo. The charge carries a maximum penalty of 30 years in prison and a $1,000,000 fine.
Assistant U.S. Attorney Douglas A. C. Penrose stated that between September 2021 and February 2022, Torres was employed as a Relationship Manager at Financial Institution 1. During that time, Torres misused his position to submit 19 fraudulent loan applications without the knowledge or consent of the individuals named. The resulting $168,000 was deposited into accounts Torres controlled.
The plea follows an investigation led by the Federal Bureau of Investigation, under the direction of Special Agent-in-Charge Matthew Miraglia.
Sentencing will be scheduled at a later date.
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