WHITE PLAINS – A 65-year-old Monsey man has been sentenced to 30 months in federal prison in connection with a fraudulent $1.4 million bank loan.
Mendel Zilberberg was a member of Park Avenue Bank’s board of directors at the time of the offense.
He was previously found guilty following a one-week trial.
According to the allegations, Zilberberg conspired with a co-defendant, Aron Fried, and others to obtain a fraudulent loan from the bank.
Knowing the co-conspirators would not be able to obtain the loan directly, they recruited a straw borrower to make the loan application. That person applied for the $1.4 million loan on the basis of several lies as directed by Zilberberg and his conspirators.
Fried pled guilty to conspiracy to commit bank fraud and was sentenced in April 2023 to one year and one day in prison.
In addition to his prison sentence, Zilberberg was sentenced to three years of supervised release and ordered to pay $1 million in restitution and $506,000 in forfeiture.
