Two former presidents of Connecticut banks have pleaded guilty in unrelated fraud cases, the U.S. attorney for Connecticut reported.

Peter Copozzi, 56, former president of Heritage Savings Bank in Watertown, admitted to approving six illegal loans in the early 1990s totaling $52,000 to a bank officer, the U.S. attorney said last week. The officer was also Mr. Copozzi's business partner in a commercial real estate deal. The loans eventually defaulted, and Heritage Savings lost $48,000.

And Michael Iaccarino, former president and chief executive of Shoreline Bank and Trust, Madison, pleaded guilty to misallocating the funds of a federally insured bank, the government said. Mr. Iaccarino, 54, approved $160,000 in loans between January 1991 and May 1994 and received nearly $125,400 from those loans. He had promised the named debtors he would pay the money back but did not, the U.S. attorney said.

Mr. Copozzi and Mr. Iaccarino each could face up to 30 years in prison and $1 million in fines when sentenced by separate judges in December.

In another case, Edward Gregory, 76, could face the same penalties. Mr. Gregory, former president of J.T. Slocomb Co. in South Glastonbury, Conn., also admitted to bank fraud, the U.S. attorney said.

Mr. Gregory's company was authorized to draw on an $8 million line of credit from Fleet Bank on the basis of accounts receivable. The executive admitted that he had overstated Slocomb's receivables before drawing against them, the government said. The Justice Department estimated the fraud cost Fleet Bank $2 million.

Slocomb's former vice president, Raymond G. Charland, and former comptroller, Constantino Tedone, pleaded guilty in June to bank fraud in connection with the scheme and are awaiting sentencing.

Also last week, Leslie Cheikin of Rye Brook, N.Y., pleaded guilty to wire fraud and conspiracy to evade taxes. Mr. Cheikin, 54, admitted he overbilled the Federal Deposit Insurance Corp. by $210,000 in his consultant role to help the agency relocate its Connecticut offices last summer, the U.S. attorney said.

Mr. Cheiken also failed to report to the Internal Revenue Service $1.2 million in income from fraudulent consultation activities between 1990 and 1995, the government said. He could face up to 10 years in prison and $500,000 in fines. Sentencing is scheduled for Dec. 12.

Mr. Shea writes for the Medill News Service.

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