Man to be sentenced in $3M pita bakery financing scheme
NEW HAVEN, Conn. (AP) — A former Connecticut resident is facing sentencing for a fraudulent scheme to get more than $3 million in financing for a purported pita bread bakery.
Mohsen Youssef is scheduled to be sentenced Monday afternoon in federal court in New Haven.
The 27-year-old former Vernon resident, who has dual U.S. and Egyptian citizenship, was accused of defrauding several banks as well as Connecticut’s economic development agency to secure funding for equipment purchases for his South Windsor pita bread business.
He was indicted in 2015 but had moved to Canada, where he was arrested last year.
He pleaded guilty in October to fraud charges.
Prosecutors are seeking a five-year prison sentence for Youssef and a restitution order.
Youssef’s lawyer says Youssef regrets what he did and is taking responsibility for his actions.