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Updated Oct 29, 2013 - 1:42 pm

Phoenix man going to prison for commercial loan fraud

PHOENIX — A Scottsdale businessman charged with fraudulently obtaining
about $3 million in federal loans has been sentenced to nearly three years in
prison.

Federal prosecutors said 45-year-old Joseph N. Gagliano of Phoenix received a
30-month prison term and also was ordered Monday to pay more than $2.9 million
in restitution.

Gagliano was indicted in the case and originally pleaded not guilty in March
2012.

According to an indictment, Gagliano falsely represented that his father was
applying for Small Business Administration loans and loan modifications for two
homes in Scottsdale and Phoenix between June 2006 and July 2010.

He also submitted false information to lenders regarding his dad’s ownership
interests in car washes in Chandler that Gagliano actually owned.

Prosecutors said Gagliano forged signatures, altered bank statements and
submitted bogus lease agreements.

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