Milwaukee, June 13 (IBNS) John W. Vaudreuil, United States Attorney for the Western District of Wisconsin, on Wednesday announced that James Wazlawik, 48, Prescott, Wisconsin, was sentenced on Tuesday by U.S. District Judge Lynn Adelman to one day in jail, to be followed by three years of supervised release, for making a false statement to a bank in connection with a home equity loan.
Wazlawik pleaded guilty to this charge on March 19.
In 2005, Wazlawik applied for a home equity loan for his residence in River Falls, Wisconsin.
Wazlawik subsequently defaulted on the loan and the bank foreclosed on the property.
Citibank lost $146,829 when Wazlawik was unable to repay the loan.
A subsequent review of Wazlawik's application for the loan demonstrated that he substantially inflated his monthly gross income that the bank relied upon when it agreed to lend him the money.
The charge against Wazlawik was the result of an investigation conducted by Federal Bureau of Investigation. The prosecution of the case has been handled by Assistant U.S. Attorney Paul W. Connell.