Stephen B. Deluca, 58, Deland, Florida, was sentenced by Senior United States District Judge John Antoon, II to six years and six months in federal prison for his role in a conspiracy to commit wire fraud and bank fraud wherein he defrauded several lenders using inflated assets to qualify for lines of credit.
The Court also sentenced him to serve three years of supervision after his release, and ordered him to pay $18,701,804 in restitution. A federal jury found Deluca guilty in March 2013.
Evidence presented during the ten-day trial established that Deluca, the president and sole shareholder of Delco Oil, Inc., had engaged in a scheme to defraud several FDIC-insured banks and a private finance company (CapitalSource Financial Services) by falsely inflating the amount and value of Delco‘s inventory and accounts receivable, which were then used to secure revolving lines of credit. The scheme resulted in more than $18 million in losses to CapitalSource.
This case was investigated by the Federal Bureau of Investigation. It was prosecuted by Assistant United States Attorney Mac D. Heavener, III.
