CHARLESTON — A Parkersburg man was sentenced Wednesday to two years in prison and ordered to pay $490,000 in restitution for making false statements on a loan application, the U.S. Attorney for the Southern District of West Virginia said.
Jonathan Smith, 36, filed with a federal credit union on June 22, 2016, for a $505,000 loan, U.S. attorney Will Thompson said. In the application, Smith falsely stated that he intended to use the loan proceeds to purchase a 1963 Corvette when he had already purchased the Corvette for $35,000, Thompson said.
Smith also misrepresented his monthly income as $10,132 when it was only a fraction of that amount, and that the fair market value of the car was $1.2 million when his real value was less than $50,000, Thompson said.
Smith further indicated that he owned a certain business, while he had no stake in that business, Thompson said.
Thompson praised the investigative work of the US Secret Service.
U.S. Senior District Judge John T. Copenhaver, Jr. handed down the sentence. Assistant United States Attorney Christopher R. Arthur handled the prosecution.
