Accountant Sentenced for Bank Fraud

HARTFORD, Conn. (AP) _ An accountant has been sentenced to five months in prison for helping a Waterbury heating oil company defraud Citizens Bank of millions of dollars.

A federal judge in Hartford on Tuesday also ordered 57-year-old Dale Ciccarelli of Southbury to pay $1.7 million in restitution to the bank. Ciccarelli pleaded guilty to bank fraud and tax charges.

Prosecutors say Ciccarelli helped F&S Oil Company officials fraudulently obtain lines of credit from Citizens Bank by falsifying financial statements, including one used to obtain a $4.5 million line of credit in 2006.

Ciccarelli’s lawyer, William Stevens, said his client’s admission of wrongdoing helped prevent a longer prison sentence.
F&S owner Richard Stevens was sentenced to five months in prison last year, and company president Christopher Carr awaits sentencing after pleading guilty.

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

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