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A Colorado man was sentenced to five years in federal prison for bank fraud stemming from loans he acquired with bogus identities, prosecutors announced Wed nesday.
In addition to the prison term, Alton John Smith was also sentenced to five years’ probation by Chief U.S. District Judge Wiley Daniel and ordered to pay more than $767,700 in restitution to two banks and an insurance company.
Smith was convicted in February after a three-day jury trial on four counts of bank fraud. Smith used a shell company, Marrick Entertainment, to acquire the property loans, some of which he used to take a Las Vegas vacation. Smith is to report to prison Aug. 2.
