CHARLESTON, W.Va. - A Parkersburg man was sentenced today to two years in prison and ordered to pay $490,000 in restitution for making false statements on a loan application.
According to court documents and statements made in court, Jonathan Smith, 36, submitted an application to a federal credit union on June 22, 2016 for a loan in the amount of $505,000. In that application, Smith falsely represented that he intended to use the proceeds of the loan to purchase a 1963 Corvette when he know he had already purchased the Corvette for $35,000. Smith also falsely represented his monthly income to be $10,132 when it was only a fraction of that amount, and that the fair market value of the car was $1.2 million when its true value was less than $50,000. Smith further indicated that he was the owner of a certain business, when he had no ownership interest in that business.
United States Attorney Will Thompson made the announcement and commended the investigative work of the United States Secret Service.
Senior United States District Judge John T. Copenhaver, Jr. imposed the sentence. Assistant United States Attorney Christopher R. Arthur handled the prosecution.
A copy of this press release is located on the website of the U.S. Attorney’s Office for the Southern District of West Virginia. Related court documents and information can be found on PACER by searching for Case No. 2:20-cr-00173.