A former credit loan officer in Massachusetts was sentenced to 18 months in prison, followed by two years of supervised release, for defrauding his employer out of almost $1 million.
According to the charges brought against him, Brian Socha was employed at MassMutual Federal Credit Union in Springfield, Massachusetts. Socha hacked into co-workers’ computers on over 20 occasions to covertly raise the credit limit and lower the interest rate to below market levels on the home equity line of credit (HELOC) on the residence he owned with his wife.
Over a six-year period, Socha increased the HELOC credit limit from $135,500 to $995,000 and adjusted the HELOC interest rate from 7.25% to 1.99%. Socha spent the stolen funds on his personal enjoyment and lifestyle.
In addition to his prison term, Socha was also ordered to pay $902,541.15 in restitution for bank fraud.
