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Vestavia Hills father and son arrested in bank fraud scheme


From The Tribune staff reports
BIRMINGHAM Today, a father and son were arrested and charged in a bank fraud scheme in which they provided fraudulent information to financial institutions for the purpose of purchasing boats, luxury vehicles, and heavy equipment.
A 26-count indictment filed in U.S. District Court charges Christopher A. Montalbano, 38, of Vestavia, and Gus Anthony Montalbano, 75, of Vestavia, with conspiracy to commit bank fraud, false statements on a loan application, and money laundering.  Christopher Montalbano was also charged with aggravated identity theft and bank fraud. Both were arrested at their respective homes in Vestavia.
According to the indictment, from 2015 through February 2020, the Montalbano’s conspired to submit fraudulent information regarding their income to numerous financial institutions in support of numerous fraudulent loan applications to purchase boats, luxury vehicles and heavy equipment. The defendants submitted fraudulen ....

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