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PO Box 1212 Tampa, FL 33601 Pinellas Updated November 2024
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RETURN TO NEWS INDEX Tampa man guilty of defrauding banks, jury says TAMPA -- A federal jury found a man guilty today in an elaborate scheme to defraud several banks of more than $82.7 million in loans for land development. According to the U.S. Attorney's office, Larry P. Nardelli, working under Bay Area Holdings Group and Elba International, helped Micahel A. Tringali, owner of G&T Land Development, by pretending he paid $21.5 million to Tringali as a down payment on properties. Authorities said Tringali used the falsified records of sale to establish equity with several banks in order to purchase a piece of land in Sarasota which another associate of his, Neil Husani, had inflated the price to 140 percent the land's actual value. Once Tringali got the loan, he paid Husani for the land and split the rest of the loan monies between the three men and a lawyer, John A. Yanchek, who falsified the records, federal prosecutors said. The men were investigated by the Internal Revenue Service and the FBI. Nardelli was indicted in July 2008. He faces a maximum 135 years in jail and $4.5 million in fines. Yanchek and Tringali have both pleaded guilty and are awaiting sentencing. Husani was captured in Jordan and the U.S. government in is trying to arrange extradition. |
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