SAN DIEGO (CN) - Two old men were sentenced Monday to 5-year prison terms for ripping off 14 banks for $61 million, and tax evasion. Sterling Pirtle, 73, and Ronald Allen Fisher, 69, were also ordered to pay $61.2 million in restitution for the scam they ran out of their Commercial Money Center, in Escondido and Las Vegas.
The men defrauded banks through selling pools of fraudulent subprime equipment leases.
"The defendants included $70 million worth of fraudulent leases in the pools they sold to the financial institutions," the U.S. Attorney's Office said.
"Before it declared bankruptcy, CMC obtained over $300 million from financial institutions through its sale of subprime equipment lease pools. The tax evasion charges stem from unreported income each defendant earned at CMC.
"Each defendant admitted that he evaded payment of approximately $1 million in personal income taxes on the millions of dollars received from CMC."
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