A former loan officer from Brookfield has been charged with bank fraud and has agreed to plead guilty in a scheme that defrauded his employer of nearly $1 million. Brian Socha, 45, is accused of manipulating home equity lines of credit (HELOC) over several years.
According to court documents, Socha allegedly accessed co-workers’ computers more than 20 times to alter the credit limit and interest rate on his own HELOC. The adjustments reportedly increased the credit limit from $135,500 to $995,000 and reduced the interest rate from 7.25% to 1.99%.
The charge carries a potential sentence of up to 30 years in prison, five years of supervised release, and a fine up to $1 million. Sentencing will be determined by a federal district court judge following U.S. Sentencing Guidelines.
The announcement was made by United States Attorney Leah B. Foley and Ted E. Docks, Special Agent in Charge of the FBI Boston Division. Assistant U.S. Attorney Caroline Merck is handling the prosecution.
It is important to note that these details are allegations at this stage, and Socha remains presumed innocent until proven guilty beyond a reasonable doubt.
