A federal grand jury in San Francisco has indicted an Orange County man on charges of submitting fraudulent loan applications to three Bay Area Banks, prosecutors said.
Daniel Rosenthal, 31, of Yorba Linda, was indicted Tuesday, according to United States Attorney Melinda Haag.
Prosecutors said Rosenthal submitted the fraudulent loan applications using a false name, false bank statements and false financial statements in support of the loan applications.
Prosecutors said Rosenthal claimed the loans were to be used to finance Sunshine Daydream, an event planning business that Rosenthal falsely claimed to own.
After receiving the loan proceeds, Rosenthal used some of the money to purchase gold and send money to a bank in Cyprus and to third parties, according to the indictment.
Rosenthal was first charged in a criminal complaint on Dec. 9.
Prosecutors said he was arrested in Yorba Linda on Dec. 11 and appeared in federal court in San Francisco on Monday.
He has an initial appearance scheduled for Jan. 12.
Prosecutors said Rosenthal faces a maximum sentence of 30 years in prison for each offense if he is convicted of bank fraud. He is also facing charges of money laundering and identity theft, for which he could face 10 years and a mandatory two years in prison for each violation if convicted.
Dennis Culver, Bay City News