A former loan officer has been charged with bank fraud after allegedly defrauding his employer out of nearly $1 million over a period of six years. Brian Socha, 45, of Brookfield, Massachusetts, has agreed to plead guilty to one count of bank fraud in federal court, though a date for the plea hearing has not yet been set. The case stems from a long-running scheme in which Socha reportedly manipulated the financial systems at his workplace for personal gain.
According to court documents, Socha unlawfully accessed the computer systems of his co-workers more than 20 times to secretly alter the terms of his home equity line of credit (HELOC). Over several years, he allegedly increased the HELOC credit limit on his jointly owned home from $135,500 to a staggering $995,000. He also reduced the interest rate from 7.25% to 1.99%, effectively securing a far more favorable loan through fraudulent means. This calculated abuse of access and position highlights the risk financial institutions face from internal threats.
Bank fraud is a serious federal offense, and under the law, Socha faces significant penalties. The charge carries a potential sentence of up to 30 years in prison, up to five years of supervised release, and a fine of up to $1 million. The actual sentence will be determined by a federal judge, guided by the U.S. Sentencing Guidelines and relevant federal statutes. In many cases, restitution and asset forfeiture may also be ordered to recover stolen funds.
For individuals charged with bank fraud, the legal consequences extend far beyond prison time. A conviction can permanently damage one’s professional reputation, eliminate future employment opportunities in finance or government, and lead to substantial financial penalties. Those facing similar charges are strongly advised to seek representation from an experienced criminal defense attorney as early as possible to protect their rights and explore possible defenses or plea negotiations.
At Dhar Law, LLP, our firm has extensive experience defending individuals charged with federal bank charges and other related financial offenses. We understand the stakes, and we know how to build a strategic defense in even the most complex cases.
Contact us today at 617-880-6155 to schedule a confidential consultation and learn how we can help you navigate federal bank fraud charges and fight for your rights and your future.
