BOSTON — An Acushnet man faces up to 20 years in federal prison after pleading guilty to charges stemming from an elaborate scheme to defraud lenders of a defunct Lunenburg company.
William Deakin has pleaded guilty to conspiracy and wire fraud charges related to a multimillion-dollar fraud at the former Gitto/Global Corp. Sentencing is set for Feb. 15.
Prosecutors said workers at the firm concocted a massive paper trail of bogus sales, inventory, and other documents to persuade bankers to lend the firm millions of dollars beyond what it could afford.
Prosecutors said Deakin, 62, is the final defendant in the case to plead guilty to federal felony charges. The firm’s former president, Frank Miller; co-owner Gary Gitto; and chief outside accountant and auditor Louis Pellegrine will be sentenced in January and February.