A Statesville man has been sentenced to 15 months in federal prison after being convicted of fraudulently obtaining more than $500,000 in business loans.
Nathaniel Brad Moffitt, 40, of Statesville, was sentenced Thursday, announced Andrew Murray, U.S. Attorney for the Western District of North Carolina.
In addition to the prison term imposed, U.S. District Judge Kenneth D. Bell ordered Moffitt serve two years of supervised release and to pay approximately $114,000 as restitution.
John A. Strong, special agent in charge of the FBI in North Carolina, joined Murray in making the announcement.
According to filed court documents and information introduced at the sentencing hearing, Moffitt co-owned a trucking company in Statesville with another individual, identified in court documents as B.S. Court records show that from September 2015 to April 2018, Moffitt stole B.S’s name and personal information, and used it to obtain more than $500,000 in fraudulent business loans, according to a news release.
To further the fraud, Moffitt made telephone calls and sent emails to apply for and execute the loans, and on at least one telephone call he impersonated B.S., according to a news release. Moffitt used the loan proceeds to pay for legitimate business expenses and for his own personal benefit.
At the time the fraud was discovered, the outstanding balance on the loans was more than $100,000. According to court records, as a result of the Moffitt’s fraud, the trucking company had to declare bankruptcy. On Nov. 18, 2019, Moffitt pleaded guilty to wire fraud, the release states.
Murray thanked the FBI for its investigation of this case.
Assistant U.S. Attorney Caryn Finley, of the U.S. Attorney’s Office in Charlotte, prosecuted the case.