A former loan officer at Monson (Mass.) Savings Bank has admitted to a fraud scheme that cost the thrift about $200,000.

John Sacco, a vice president from 1991 to 1995, pled guilty last week in U.S. District Court in Springfield, Mass., the U.S. Attorney's office for Massachusetts announced.

While at $87 million-asset Monson, Mr. Sacco applied for and received loans in the names of family members. He received $847,657 in loans from the thrift, depositing the funds in a checking account he maintained there under the name Financial Services Associates.

Mr. Sacco, who is scheduled for sentencing Oct. 13, faces a maximum penalty of 30 years imprisonment and a $1 million fine, the attorney's office said.

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