An former Omaha banker has been sentenced for fraud.
United States Attorney Deborah R. Gilg announced that Michael J. Breault, age 47 of Omaha, Nebraska, was sentenced on August 31, 2012, in Lincoln, Nebraska, to 16 months in prison by United States District Judge John M. Gerrard, for mail fraud.
The sentence also orders Breault to serve two years of supervised release following his incarceration, and to pay restitution to the victims of his offense.
Gilg says between 2005 to 2009, Breault, while an officer for Charter West National Bank in Elkhorn, Nebraska, applied for loans from Charter West using names of persons and entities without their permission, with the intent of obtaining and using loan proceeds for his own purposes.
In order to access the fraudulent loan proceeds without the knowledge of Charter West, Breault opened a savings account, also at Charter West, under the name of Kingswood Athletic Association.
Breault used money from third parties, including Kingswood Athletic Association, placed into the savings account, to make payments on the fraudulently obtained loans.
Breault had previously made restitution to Charter West Bank in the amount of $206,000.00 before sentencing. The Court ordered Breault to make additional restitution to Kingswood Athletic Association in the amount of $38,004.00.
This case was investigated by the United State Secret Service.
