Matt Onofrio, an anesthetist-turned-real estate investor, will soon find himself in a new role: a prisoner.

Wisconsin man pleads guilty to one count of bank fraud, Post reports report. The guilty plea is part of a deal that will also see Onofrio forfeit $35.7 million, the amount prosecutors estimate Onofrio received from his illegal scheme.

Onofrio pleaded guilty to defrauding Central Bank of Bloomington, Minnesota, whose deposits were insured by the Federal Deposit Insurance Corporation. Two other charges Onofrio faced were dropped as part of the plea deal.

From 2019 to last August, Onofrio plans to defraud the bank In the Midwest, according to the plea agreement. The investment program marketed by Onofrio’s Northwoods Management LLC, also known as Wild Moose Ventures, received the loan.

Onofrio requires the investor to claim that he has enough cash on hand to make a down payment on the property, even though he doesn’t actually have the necessary funds. This “falsely represented the creditworthiness of investors,” according to court documents.

Onofrio was indicted by federal prosecutors in November, accusing him of creating sham purchase agreements to defraud banks and borrow money from customers without notifying them. Onofrio is also accused of convincing buyers to pay a premium for a property after paying a lower price for the property. He would then allegedly help the buyer secure a mortgage and offer to make a down payment in exchange for monthly payments and interest, allowing him to profit from the difference.

One of Onofrio’s victims was mixed martial arts star Michael Chandler, who claims Onofrio charged him a $4 million markup on his estate. The charge is not part of the criminal complaint.

The forfeiture of millions of dollars may be the least of the problems facing Onofrio. Other potential penalties for bank fraud include fines of $1 million or twice the criminal proceeds and up to 30 years in prison. He will be sentenced on January 16, 2024, five days after the sentencing. expected release His book on commercial real estate investing; no word on the publication’s fate.

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