Man imprisoned for loan fraud scheme
Donald Shields of Augusta and Boothbay Harbor will spend nearly one year in prison for operating an advance-fee loan scheme that targeted distressed businesses.
Shields was sentenced in Kennebec County Superior Court to two years in prison, with thirteen months suspended, and one year of probation on one count of felony theft for the scheme, according to a press release from Attorney General William Schneider and Maine Securities Administrator Judith Shaw. Shields solicited payments from business people unable to obtain conventional financing after falsely claiming that he had connections with investors and would secure loans for them. "Businesses and individuals should be suspicious of any individual who promises to obtain a loan or line of credit in exchange for an upfront fee," said Shaw in the release.
Shields pleaded guilty in June 2010, but sentencing was deferred to allow him to comply with the terms of a plea agreement, including paying $10,200 in restitution. Shields had prior state and federal convictions for forgery and mail fraud dating back to 1999.
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