Men involved in $4 million CU loan scheme face sentencing
Former VP at Greylock FCU got kickbacks, free home and car for funneling loans to real estate developer.
Michael Dicenzo, the former vice president of Greylock Federal Credit Union’s business banking, who authorized millions in business loans in exchange for kickbacks from a real estate developer, is scheduled to be sentenced in August.
And in October, the former real estate developer, Jeffrey Pierce, 51, of Pittsfield, Mass., will be sentenced in the $4 million loan fraud conspiracy.
Pierce pleaded guilty in U.S. District Court in Boston Wednesday to one count of conspiracy to receive money through transactions of a credit union with intent to defraud the $1.1 billion Greylock FCU in Pittsfield and to making false statements to a federal credit union.
Dicenzo, who had been working in the local banking industry dating back to the 1970s before he joined GFCU in 2004, pleaded guilty to fraud, making false statements to federal officials and tax fraud, in July 2014. Earlier sentencing hearings for the former credit union executive had been postponed. A spokesperson for the U.S. Attorney’s office in Boston, said Dicenzo’s sentencing has been set for August 16.
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