Commercial real estate investor Matt Onofrio pleads guilty in $35.7 million bank fraud case
Jul. 12—ROCHESTER —
As part of a plea agreement,
He was originally indicted by a grand jury
and charged with three counts on
Onofrio, who was trained as a nurse anesthetist at
Operating under the corporate name of
The wire transfer to the account of an investor listed as "C.F." was in support of an application for a
Two other charges involving wire transfers of
The plea agreement detailed that between 2019 and
"The scheme falsely represented the investors' creditworthiness in several ways. Onofrio directed investors to claim in personal financial statements provided to lenders that the investor had sufficient cash on hand to fund a down payment on the property, even though the investor did not actually have such funds," according to the court documents.
He also used a scheme called "seller carry" to lend investors funds for a down payment, but the debt was not disclosed to the bank.
Prosecutors calculate that Onofrio received at least
The penalties for bank fraud include:
* Up to 30 years in prison.
* A fine of
* Mandatory restitution.
* A term of supervised release up to five years.
Onofrio is scheduled to be sentenced on
While none of the charges included any deals done in
Under the name of
he paid
at
Onofrio was also involved with
the
at
He was involved in the purchase and sale of a northwest
Onofrio also owns the Flats 55 apartment complex in
He purchased it for
under the name of
In addition to buying and selling property, Onofrio aggressively marketed himself as an educator and adviser who can teach others how "to create passive wealth through commercial real estate investments and help to break the stigma often associated with big commercial deals."
He was a popular guest on many real estate podcasts. Before his indictment, Onofrio was promoting a book that he wrote, called "Triple Net Investing — Finding Freedom with
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