Pittsford man sentenced on bank, loan fraud charges

Created: 07/25/2014 6:53 AM WHEC.com

Nearly four years in prison and a fine of $1.3-million – that’s the punishment for a Pittsford man convicted of bank and loan fraud in a federal court.

Prosecutors say Richard Kaufman was involved with pocketing extra money from over-valued financial statements from key bank.

Kaufman and his father used the funds to buy houses and country club memberships. As a result of the fraud scheme, Key Bank suffered an immediate loss of more than $1.5-million.

Kaufman's father, Michael, was also convicted. He's still awaiting sentencing.

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