Created: 08/08/2014 7:25 AM WHEC.com
By: Associated Press
The father in a father-son duo convicted of defrauding a bank will spend a year in prison. The Pittsford man also has to repay $1.3 million.
Michael Kaufman was sentenced Thursday in federal court, where his son Richard recently received a sentence of nearly four years.
The pair were officers of American Industrial Sales Corp., which did business as the tool company RAK Industries in Rochester.
Prosecutors say the Kaufmans overvalued company assets to get loans from Key Bank, which they then used to pay for expensive homes and country club memberships over a period of several years.
When they defaulted, Key Bank lost more than $1.5 million.