BILLINGS, Mont. – A former Billings man who used a fake credit report to defraud two credit unions of about $37,000 will spend three years in federal prison on bank fraud charges.
Thomas Cosand, 42, of Seattle, who had skipped his initial sentencing date and was arrested in Washington, was sentenced to 18 months consecutively on each count of bank fraud. Cosand was also ordered to pay $37,860 restitution, with $15,585 for Billings FCU and $22,275 for Avanta FCU.
Cosand confessed he used a fake credit report to get an auto and a personal loan from Billings FCU in 2004. After the second loan, the credit union ordered a credit report and found Cosand's real report was "vastly different" from the report Cosand provided.
Cosand's actual credit report from TransUnion showed he had numerous civil judgments against him, had accounts referred to collections, was delinquent on child support payments and other accounts and had two vehicles repossessed. The credit union would not have loaned Cosand money based on his actual credit report, officials said.
