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15-Year Prison Sentence for Man Involved in $12 Million Credit Union & Bank Fraud

Christopher A. Montalbano and his father operate a four-year loan scheme that victimizes five credit unions and nine banks.

Investigating documents for fraud and corruption Source: Shutterstock.

A 39-year-old Alabama man, Christopher A. Montalbano, was sentenced to 15 years in federal prison for running a fraudulent loan scheme with his 77-year-old father Gus Montalbano, stealing nearly $12 million from credit unions and banks.

From 2016 to 2020, the Montalbanos’ crimes victimized five credit unions and nine banks in several states, according to prosecutors for the Northern District of Alabama in Birmingham.

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