A New Jersey man has pleaded guilty of defrauding Rockland (Mass.) Trust Co. of more than $200,000.
Jeffrey Sung Tak Ryu was accused of making false statements to $1.4 billion-asset Rockland in connection with loan applications made in 1994 and 1995, according to a statement released by the U.S. Attorney's Office in Boston.
Mr. Ryu was trying to finance his business, American Espresso Corp., Quincy, Mass.
The false statements were "designed to inflate the apparent financial soundness of his business, included false numbers for the company's accounts receivables, current and fixed assets, and equity," the U.S. Attorney's office said.
A spokesman for the bank declined to comment. Rockland Trust suffered a loss of about $240,000 on the loans.