A Connecticut man has entered a guilty plea to numerous charges related to a fraudulent scheme involving bank loans and purported projects in Saudi Arabia, authorities announced. Hanibal Tayeh, 63, from Thomaston, Conn., pleaded guilty to a series of financial crimes including bank fraud, wire fraud, money laundering, and making a false statement during a bankruptcy proceeding.
According to a statement obtained by the U.S. Attorney's Office, Tayeh's crimes include using forged documents and misrepresentations to secure over $9 million in loans from a bank. Following up, Tayeh obtained an extension of credit amounting to $400,000. Handling the bank loans, Tayeh has been scheduled for sentencing on December 19, by U.S. District Court Judge Mark G. Mastroianni.
During the years 2013 and 2014, Tayeh misled a bank with fraudulent documentation, all purportedly for business ventures in Saudi Arabia. Additionally, he defrauded an individual by making false claims related to construction projects, also allegedly located in Saudi Arabia. In executing his schemes, Tayeh funneled the ill-gotten gains through third-party payments to cover personal debt, further compounding his criminal activities with money laundering.
U.S. District Court has the power to impose sentences based on guidelines and statutes. For the bank fraud charge, Tayeh could face up to 30 years in prison, 20 years for wire fraud, 10 years for money laundering, and 5 years for the false bankruptcy declaration, in addition to fines and supervised release. The case is being prosecuted by Assistant U.S. Attorney Christopher L. Morgan of the Springfield Branch Office, with the involvement of the Federal Bureau of Investigation and the Internal Revenue Service Criminal Investigation's Boston Field Offices.
