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| Businessman Gets 3 Years For Fraud |
| By poststar.com |
| Published: 07/16/2010 |
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A Lake George man who was convicted of federal felony loan fraud charges related to the operation of his Albany-area contracting company was sentenced this week to 3 years in federal prison and ordered to make $4.5 million in restitution. Steven F. Shaw, 49, will also serve 5 years on parole for his guilty pleas to making false statements in a loan application, tax evasion, and conversion of the funds of a health care benefit program, according to the U.S. Attorney’s Office in Albany. Shaw was president and chief executive officer of Tougher Industries, a heating and air conditioning contracting company that has gone out of business, when he made a false application for $6 million in loans in 2006, failed to pay federal taxes and diverted money that was to be used for his employees’ health plans. He fabricated references and bank accounts in order to gain approval of the loans. Read More. |
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