April 20, 2015
By Bob Coleman
Editor, Mug Shot Monday
As we wrote one year ago, the patent holder of a “pseudo adiabatic engine” was living the good life in Florida with his $169 million net worth.
What is a “pseudo adiabatic engine?” Well, it’s pretty cool technology. It will get you twice the fuel efficiency of any car gasoline engine on the market. Really!
Impressed, Arkansas-based, One-banc mades a $1.5 million line of credit to patent owner — Alberto Solaroli. Of course, in the first 30 days the entire line was tapped.
And never a payment was made.
Seems Alberto’s net worth was tied up in a penny stock… which the bank found out ended up being worth — less than a penny.
But Alberto cut a deal. He pled guilty April 10th to money laundering of the initial $120,000 draw. And the $1.5 million fraud charge was dropped.
The lower dollar amount will greatly reduce a prison sentence, if any.
Says the US Attorney, ‘Deceiving banks through fraudulent pretenses ends up hurting our entire banking industry. We are committed to investigating and prosecuting those who take advantage of the good will of bank depositors. When people try to steal from banks by deceiving banking officers all banking customers suffer, and our faith in the banking industry is undermined. Those who try to steal from our community’s banks with lies rather than force will be prosecuted.’
In early 2007, Solaroli was introduced to Gary Rickenbach, Senior Vice President at Onebanc by a friend who was also Onebanc customer. Solaroli met with the banker in Jacksonville, Fla., where the defendant lived and worked. The defendant requested a $1,500,000 loan from Onebanc in April 2007, stating that his cash flow was tied up at the time. As a result of Solaroli’s personal written financial statement submitted to Onebanc, which listed his net worth as $169,473,680, the bank made a $1,500,000 line of credit available to the defendant to be repaid in one year.
Immediately after receiving the approval of his loan application, Solaroli instructed the bank to wire $120,000 to a bank account in Florida that Solaroli controlled, in the name of CET Racing. The defendant eventually received all $1,500,000, but never made a payment on any of the monies he received from the line of credit. In later efforts by the bank to collect on a judgment against Solaroli, Solaroli admitted under oath that the financial statement he submitted to Onebanc was false.
Solaroli will be sentenced at a later date.
Gary Rickenbach faces seven counts of loan fraud.