Westminster Developer Sentenced For Bank Fraud

BOSTON – A Westminster man was sentenced today in U.S. District Court in Worcester for bank fraud.

Lance N. Korich, 53, was sentenced by U.S. District Judge Timothy S. Hillman to one year and one day in prison, two years of supervised release, and ordered to pay $593,617 in restitution. In December 2013, Korich pleaded guilty to four counts of bank fraud.

From 2008 to 2010, Korich applied for and obtained four construction loans at Colonial Cooperative Bank in Gardner, Mass. In support of those loans, Korich submitted false and fraudulent purchase and sale agreements. In particular, Korich fabricated the names of the purported home buyers and forged their signatures on the purchase and sale agreements.

United States Attorney Carmen M. Ortiz and Vincent B. Lisi, Special Agent in Charge of the Federal Bureau of Investigation, Boston Field Division, made the announcement today. The case was prosecuted by Assistant U.S. Attorneys Karin M. Bell and Michelle L. Dineen Jerrett of Ortiz’s Worcester Branch Office.