An Alabama man who pleaded guilty to using bank fraud to live a lavish lifestyle that involved owning a private jet and high-end cars like Lamborghinis and Ferraris was sentenced to 15 years in prison and ordered to pay $12 million in restitution, according to prosecutors. Authorities said in a statement that Christopher A. Montalbano of Vestavia Hills, Alabama, ran the scheme over a four-year stint ending in 2020. He pleaded guilty in November to conspiracy, bank fraud, and money laundering. Prosecutors said that Montalbano used shell companies to obtain more than 140 loans worth millions of dollars from at least 20 institutions. The money went to financing an opulent lifestyle that included two homes, farmland, and multiple real estate holdings, as well as luxury cars and a jet with a private pilot.
Interested in speaking with an attorney? Call our office at 816-524-4949 or click here to schedule a consultation.