NEW ORLEANS, LA – John Sposato, a 72-year-old resident of Kiln, Mississippi, has been indicted on charges of conspiracy to commit bank fraud.
According to the indictment, Sposato opened an account at Keesler Federal Credit Union in the name of Pegasus Consulting and Development, LLC, a company he claimed to preside over. In early March, Sposato received a $10,000 check, known to be counterfeit, from a co-conspirator. The check was allegedly drawn on the account of a Florida-based non-profit organization that supports a public library. On March 27, Sposato attempted to deposit the counterfeit check into his Keesler account, knowingly putting the credit union at risk of civil liability and financial loss.
Sposato faces a maximum sentence of five years in prison, three years of supervised release, a fine of up to $250,000, and a mandatory special assessment fee of $100.