A Plymouth man has been sentenced to three years in prison for his role as the "ringleader" in a $420 million bank fraud scheme.

Matthew Thomas Onofrio, 34, was sentenced to 36 months in prison for bank fraud in U.S. District Court this week.

According to the U.S. Department of Justice, Onofrio — a nurse anesthetist and real estate investor — carried out the scheme between 2020 and 2022.

Over that time period, Onofrio would enter into purchase agreements for commercial properties and assign them to "investors" at inflated prices. The investors, who did not have the funds to purchase the properties, would provide lenders with fraudulent personal finance statements with Onofrio’s help.

When lenders would ask to see proof of funds, Onofrio would temporarily wire the money into the investo

See Full Page