Sacto 9-1-1
September 20, 2012
Granite Bay man charged with bank and wire fraud

By Denny Walsh

A federal grand jury indictment returned Thursday in Sacramento charges a Granite Bay man with mail, wire and bank fraud that allegedly cost lenders more than $3 million.

The indictment accuses Ryan William Costo, 37, of overstating his income and financial assets in applying for three loans: a $1.95 million loan from Citimortgage Inc. for the purchase of a residence, a $3 million loan from Washington Mutual Bank for the purchase of another residence, and a $1.35 million loan from Bank of America for a classic 1945 P-51 aircraft.

According to the indictment, Costo also caused various false account statements and tax returns to be submitted to the lenders in order to procure the loans.

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