Eau Claire man indicted for $35M scheme
Nov. 29—EAU CLAIRE — An Eau Claire man faces federal charges for defrauding banks while he made multi-million-dollar real estate deals.
Magistrate Judge
The federal criminal case against Onofrio is seeking
Between 2020 and
Onofrio is accused of a variety of tactics in his
Among those is Onofrio wiring funds from his company to investors' accounts to temporarily increase their assets when they sought financing from banks. The funds would then be wired back to Onofrio.
Onofrio would also lend funds to investors — a practice referred to as the "seller carry" — to help them complete real estate buys, but this was not disclosed to banks that financed those deals.
Three specific wire transfers made to investor accounts between
The indictment against Onofrio also accuses him of altering purchase agreements to support higher appraisals of properties. Those inflated appraisals were used to get larger loans from banks.
Onofrio's next date in court is an arraignment hearing scheduled for
The case against Onofrio is the result of an investigation done by the FBI,
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