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Two more sentenced in Equipment Finance fraud

By - Last modified: January 17, 2013 at 9:35 AM

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A husband and wife were sentenced last week in connection with the fraud scandal that brought down the Bank of Lancaster County.

Curtis A. Kroesen and Misty L. Kroesen were each sentenced in federal court to a year and a day in prison plus three years’ supervised release, said Patricia Hartman, spokeswoman for the U.S. Attorney’s Office for the Eastern District of Pennsylvania.

The Kroesens were employees of Equipment Finance, a subsidiary of Sterling Financial Corp., the parent company of Bank of Lancaster County. There, they participated in a multiyear fraud that cost Equipment Finance, which underwrote equipment purchases for the logging industry, at least $53 million, prosecutors said. The fraud, uncovered in 2007, undermined Sterling’s financial stability, leading to its sale to PNC Financial Services Group Inc. in 2008.

Under a plea agreement, the Kroesens each pleaded guilty to one count of mail fraud. In all, eight defendants have pleaded guilty in the case; two remain to be sentenced, Hartman said. The sentences include orders to make restitution of the $53 million.

 

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