Pennsylvania man sentenced for bank fraud in West Virginia
ELKINS, W.Va. (AP) — A Pennsylvania man has been sentenced to two days and ordered to pay more than $700,000 restitution after pleading guilty to bank fraud, federal prosecutors in West Virginia said.
Randall Joseph Smail, 23, of Jeannette, Pennsylvania, pleaded guilty in July. Smail made up an account statement from Kraken Bitcoin Exchange showing he had $64 million in Bitcoin currency and showed it when he applied for a half-million-dollar loan from Pendleton Community Bank, U.S. Attorney Bill Powell’s office said.
Smail also used other fictitious paperwork showing $10 million in another bank that he transferred from his cryptocurrency account, Powell’s office said. Smail knew all of the information was false and used the documents to defraud the bank, prosecutors said.
Smail was sentenced Friday. He was ordered to pay $773,093.90 in restitution.