Former CPA gets prison in North Texas credit fraud

By: From Wire Reports
By: From Wire Reports

DALLAS (AP) - A North Texas man whose CPA license was revoked has been sentenced to nearly five years in prison for line-of-credit loan fraud.

A federal judge in Dallas on Wednesday also ordered 56-year-old Robert Pauley of Arlington to pay nearly $2.6 million in restitution. Pauley last November pleaded guilty to conspiracy to commit bank fraud.

Prosecutors say Pauley failed to tell financial institutions that his certified public accountant license had been revoked. The banks funded the loans based on favorable personal financial statements and false tax returns prepared and submitted by Pauley.

Prosecutors say the scam went back to mid-2008 and involved personal and business funds.

Pauley must serve 55 months behind bars.

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