CHARLESTON, West Virginia – A Parkersburg man today pleaded guilty to defrauding a financial institution by making false statements on a loan application.
According to court documents and statements made in court, Jonathan Smith, 35, applied for and received a loan of $ 505,000 from the Wood County Federal Credit Union in June 2016. To influence the action of the credit union, Smith made false statements about the loan. asks, for example by misrepresenting his gross monthly income and falsely stating that he was the owner of M&J Towing. Smith also incorrectly stated that he was using the $ 505,000 to buy a 1963 Corvette which he valued at $ 1.2 million, when in fact Smith had already purchased the corvette for $ 35,000 and that the actual fair market value of the automobile was less than $ 50,000.
Smith faces up to 30 years in prison when sentenced on December 8, 2021.
Acting United States Attorney Lisa G. Johnston made the announcement and praised the investigative work of the United States Secret Service.
United States Senior District Judge John T. Copenhagen, Jr. presided over the hearing. Assistant United States Attorney Christopher Arthur is handling the prosecution.
A copy of this press release can be found on the website of the United States Attorney’s Office for the Southern District of West Virginia. Court documents and related information can be found on PACER by searching for the case number. 2: 20-cr-00173.