State Senator Pleads Guilty to Bank Fraud

State Senator Pleads Guilty to Bank Fraud

Former state Senator Christopher Maselli, a North Providence real estate attorney, will plead guilty to eight counts of bank fraud, U.S. Attorney Peter F. Neronha announced today. Maselli has also resigned his seat.

The U.S. Attorney has accused Maselli of falsifying bank and federal tax forms and lying about his income and assets to get more than $1.7 million in mortgages. Maselli was first charged with seven counts in June, with the eighth count being added last week.

Maselli allegedly inflated his income back to 2005 and provided fake and altered income statement and federal tax returns to obtain six mortgages on residential properties in Johnston and North Providence as well as an auto loan—totaling approximately $1,725,027.50.

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Maselli is a state senator representing District 25 in Johnston. He is not seeking re-election. Four independents, one Republican, and one Democrat are running to replace him in tomorrow’s election.