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Guilty Plea in $7 Million Bank Fraud

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File photo of a gavel (Photo by Joe Raedle/Getty Images)

File photo of a gavel (Photo by Joe Raedle/Getty Images)

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HARTFORD, Conn. (AP) _ The U.S. Attorneys’ office says a Westport man has pleaded guilty to defrauding Citizens Bank out of nearly $7 million.

Prosecutors said 54-year-old Daniel J. Lyons Jr., pleaded guilty Friday in Hartford to bank fraud.

Lyons was president and chief executive officer of an importing and exporting business known as Greenwich Trading Company.

In February 2007, authorities say, Lyons falsified audit reports and other information when he applied to the bank for a $7 million commercial revolving line of credit.

In 2009, the company filed a voluntary Chapter 7 bankruptcy petition.
Lyons faces up to 30 years in prison when he is sentenced Aug. 10.

His attorney, William Aronwald, said Lyons accepted responsibility for what he did and is “happy to finally be able to start putting this past him.”

(Copyright 2012 by The Associated Press.  All Rights Reserved.)

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