Conway man pleads guilty to bank fraud
Mar. 12, 2014
BOSTON (AP) — The owner of a private photography school in western Massachusetts has pleaded guilty to using $2.6 million of the school's money to buy a home, clothes and for gambling.
George J. Rosa III, owner and president of the Hallmark Institute of Photography in Turners Falls, pleaded guilty in federal court Tuesday to bank fraud and tax evasion.
Prosecutors say Rosa, of Conway, used the money for construction at his personal residence, gambling, and approximately $55,000 on clothing, footwear, and accessories.
Rosa disguised the expenses by reconfiguring them on the company's books as proper business expenses. Rosa also used the company's altered books as a basis to file false income tax returns for himself and the company.
Rosa is scheduled to be sentenced on May 29.