Ex-Iowa businessman sentenced to prison for bank fraud
CEDAR RAPIDS, Iowa (AP) — An eastern Iowa man has been sentenced to more than two years in federal prison for bilking a bank out of more than $850,000.
Federal prosecutors for Iowa say 63-year-old David Giannetto, of Marion, was sentenced Wednesday in Cedar Rapids’ federal courthouse to 27 months in prison. He also was ordered to pay restitution. He had pleaded guilty to one count of bank fraud in May.
Officials say Giannetto had operated a freight business and created more than 600 fake invoices over two years that he used to secure more than $850,000 in loans from the bank.
Giannetto was unable to repay the loans before closing his business and declaring bankruptcy.