LAS VEGAS (KLAS) — A United States District Judge sentenced a Las Vegas man to more than 4 years in prison Tuesday after he orchestrated a schemed to defraud loan lenders and caused more than $7 million in losses, according to a release.
According to the United States Department of Justice, Brandon David Sattler, 47, devised a scheme to defraud and obtain loans from three different lenders from Feb. 2017 to Oct. 2018.
In the scheme, Sattler falsely said that his company needed loans to fulfill renovation contracts he had with a hotel and casino and claimed to hold with other hotels and casinos. He altered information from his bank to show that it held more than it actually did in order to influence the lenders to loan money to his company, court documents said.
After obtaining the loans, Sattler “made misrepresentations in order to extend the maturity date of the loans and delay the deadline for repayment.” The scheme caused a loss of more than $7 million dollars, the DOJ said.
Sattler pleaded guilty to one count of wire fraud. He also had two prior convictions for fraud in California and Texas, the release stated.
United States District Judge Gloria M. Navarro sentenced Sattler to 51 months in prison followed by three years of supervised release.
