CHARLESTON, W.Va. — A Pennsylvania man entered a guilty plea on Tuesday to bank fraud.
According to U.S. Attorney Bill Powell’s office, Randall Joseph Smail, of Jeannette, Pennsylvania, defrauded Pendleton Community Bank of more than $552,000. There was no direct loss to the bank because of a guarantee by a third party.
Smail, 23, allegedly created a false account statement from Kraken Bitcoin Exchange showing he had $640 million in Bitcoin.
Smail used the information and other fictitious paperwork to apply for a loan.
He faces up to 30 years in prison and a fine of up to $1 million.