Ryan Costo, 40, Roseville, California, was sentenced to four years and three months in prison for bank fraud in a scheme to defraud lenders.
According to court documents, Costo overstated his income and financial assets in connection with a $1.35 million loan from Bank of America related to the acquisition of a classic aircraft. Costo not only made false statements about his income and various bank and stock account balances on the loan application, but also caused various false and fraudulent account statements and tax returns to be given to the Bank of America in order to procure the loan. Costo made various false representations and submitted false documents to obtain three other loans: a $1.95 million loan from CitiMortgage Inc. related to a Granite Bay, California residence; a $3 million loan from Washington Mutual Bank, now Chase, related to another Granite Bay, California residence, and a $267,000 loan from San Diego Private Bank. Costo pleaded guilty to bank fraud on October 3, 2013.
United States District Judge Morrison C. England Jr. sentenced Costo. The case was the product of an investigation by the Federal Bureau of Investigation. Assistant United States Attorney Shelley D. Weger prosecuted the case.