WHEELING, W.Va. (AP) — A Pennsylvania man has admitted to defrauding a West Virginia bank of more than $550,000.
Randall Joseph Smail, 23, of Jeannette, Pennsylvania, pleaded guilty Tuesday to one count of bank fraud in federal court in Wheeling.READ MORE: West Virginia Leaders Hopeful That COVID-19 Pandemic Peak Is Waning
While applying for a loan from Pendleton Community Bank, Smail produced a fake account statement showing he had $640 million in Bitcoin currency. Bitcoin is a form of digital cash secured by encryption technology. Smail also produced other fictitious paperwork showing $10 million in another bank that he transferred from his cryptocurrency account, U.S. Attorney Bill Powell said in a news release.READ MORE: Pittsburgh Man Who Survived COVID-19 Undergoes Transplant After Virus Resurfaces And Attacks Heart
Smail faces up to 30 years in prison and a $1 million fine.MORE NEWS: Toddler Taken To Hospital With Gunshot Wound, Police Investigating
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