CHARLESTON, W.Va. – A Parkersburg man pleaded guilty today to defrauding a financial institution by making false statements on a loan application.
According to court documents and statements made in court, Jonathan Smith, 35, applied for and received a loan of $505,000 from the Wood County Federal Credit Union in June 2016. To influence the action of the credit union, Smith made false statements on the loan application such as mispresenting his monthly gross income and falsely stating that he was the owner of M&J Towing. Smith also misrepresented that he was using the $505,000 to purchase a 1963 Corvette that he valued at $1.2 million, when in fact, Smith had already purchased the corvette for $35,000 and the actual fair market value of the automobile was less than $50,000.
Smith faces up to 30 years in prison when he is sentenced on December 8, 2021.
Acting United States Attorney Lisa G. Johnston made the announcement and commended the investigative work of the United States Secret Service.
Senior United States District Judge John T. Copenhaver, Jr. presided over the hearing. Assistant United States Attorney Christopher Arthur is handling the prosecution.
A copy of this press release is located on the website of the U.S. Attorney’s Office for the Southern District of West Virginia. Related court documents and information can be found on PACER by searching for Case No. 2:20-cr-00173.