Man pleads guilty to commercial loan fraud
A Pittsfield man pleaded guilty Tuesday to defrauding four people out of more than $10,000 with false promises to secure them commercial loans.
Donald Shields pleaded guilty in Kennebec County Superior Court to one count of misapplication of property and three counts of theft by deception, according to the Kennebec Journal. Shields allegedly took a total of $10,200 from four people looking for help in securing commercial loans, but failed to provide any assistance or loans. If Shields pays the full amount in restitution and stays out of trouble for a year, he will be allowed to withdraw all but one guilty plea and will be sentenced to a two-year jail term with up to nine months suspended and one year of probation, according to the paper.
Shields was previously convicted of five counts of aggravated forgery in Lincoln County in 1999, and served more than a year in federal prison for committing two counts of mail fraud prior to that, according to the paper. One of his victims, a Turner man who gave Shields $2,000 to draft commercial loan documents, successfully sued him in a civil case in 2006.
Go to the article from the Kennebec Journal >>
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