(KNSI) – Matt Onofrio went from being a nurse anesthetist at Mayo Clinic to a famed real estate mogul, supposedly worth $160 million, in under three years.
His eye-popping success turned out to be a case of too good to be true, according to the United States Department of Justice. Onofrio was indicted for three instances of bank fraud on November 23rd in U.S. Federal District Court.
Onofrio is alleged by U.S. Attorney Andrew Luger of hiding the fact he was personally bankrolling investors who guaranteed the loans by temporarily wiring funds to create the appearance they had more assets than they actually had to help get bank approval.
He is also alleged to have changed purchase agreements to falsify appraisal values of his properties. He used the tactic to bilk financial institutions out of an alleged $35 million. Onofrio’s Northwoods Management LLC is being accused of defrauding several depository institutions, including MidCountry Bank of Bloomington.
Two of the purchases where questionable tactics were used involve commercial properties in Sauk Centre and St. Cloud.
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