John Sacco of Belchertown sentenced to 46 months in prison after pleading guilty to fraudulently obtaining $800,000
SPRINGFIELD — A Belchertown man was sentenced Thursday in U.S. District Court to nearly four years in prison on several charges, including defrauding some 130 people out of more than $800,000.
John Sacco, 65, was sentenced by Judge Michael A. Ponsor to 46 months in prison, followed by three years of supervised release. Sacco pleaded guilty in May to charges of conspiracy to commit fraud, mail fraud and being a felon in possession of a firearm.
Sacco must also pay $86,460 in restitution, according to information from the Department of Justice.
Between August 2008 and December 2009, Sacco and others ran a national advance fee scheme that resulted in about 130 victims losing over $800,000, according to the Department of Justice.
Sacco bought advertisements in national newspapers promising would-be investors they could make hundreds of thousands of dollars a year by working with his company, SAC Financial Corp., as brokers of business loans to individuals with poor credit.
The people who responded to the advertisements were subjected to high-pressure sales tactics and false references which convinced them to send Sacco an up-front fee of between $3,500 and $6,900. Thereafter, Sacco strung the victims along through a fictitious loan brokerage process, though no actual loans were made.
The charge of being a felon in possession of a firearm results from a 2001 conviction for defrauding Monson Savings Bank of $236,000. Sacco served seven months in prison for that crime.
During a November 2010 search of Sacco’s home, a 12-gauge shotgun and 16 shells were found in the bedroom, according to the Department of Justice.
Bob Dunn can be reached at email@example.com.