Woman who lied to get $4 million loan sentenced to probation

January 8, 2020 GMT

BOSTON (AP) — A Massachusetts woman who submitted falsified documentation to get a $4.2 million business loan will not serve time in prison.

Beth Zastawny, 53, of Ludlow, was sentenced Tuesday to three years of probation with the first to be served under home confinement, MassLive.com reported.

Zastawny pleaded guilty in May to bank fraud and money laundering in connection with her efforts to secure a loan for her struggling manufacturing business. Her company Diecast Connections Inc. started to struggle following the Great Recession in 2008.

Zastawny lied about her company’s financial condition to get a loan from Blue Hills Bank in 2015, prosecutors said.

At the sentencing hearing, Zastawny told the judge she was desperate to save her business.

“I felt so out of options,” Zastawny said. “My guilt was overshadowed by the fear and desperation I was facing if Diecast failed.”