DALLAS (October 23, 2013)—Robert Pauley, 56, of Arlington, a former CPA whose license was revoked, was sentenced Wednesday to nearly five years in prison for line-of-credit loan fraud.
A federal judge in Dallas on Wednesday also ordered Pauley to pay nearly $2.6 million in restitution.
Pauley pleaded guilty in November 2012 to conspiracy to commit bank fraud.
Prosecutors said Pauley failed to tell financial institutions that his certified public accountant license had been revoked.
The banks funded the loans based on favorable personal financial statements and false tax returns prepared and submitted by Pauley.
The scam dated back to mid-2008 and involved personal and business funds, prosecutors said.
Pauley must serve 55 months behind bars.