Las Vegas man who defrauded $7M from loan lenders sentenced to prison
A Las Vegas man was sentenced Tuesday to over four years in prison for planning a scheme to defraud loan lenders that resulted in over $7 million in losses.
According to the Department of Justice, Brandon Sattler, 47, created a scheme to defraud and obtain loans from lenders by falsely stating that his company needed loans to fulfill renovation contracts that he had with a hotel and casino, and claimed to hold contracts with other hotels and casinos.
Sattler manipulated information from his bank to show his bank account had more money than it actually did to influence the lenders to loan him money, and, after receiving the loans, would extend the loans’ maturity date and delay the deadline for repayment, according to court documents.
Sattler pleaded guilty to one count of wire fraud and was sentenced by U.S. District Judge Gloria Navarro to 51 months in prison. Sattler also has two prior convictions for fraud in California and Texas, the department said.
Although not connected to his current conviction or sentencing, Sattler had a reputation as a high-stakes gambler in Las Vegas casinos.
His presence at Resorts World Las Vegas while under federal investigation is believed to be the starting point of the Strip casino’s ongoing regulatory and legal woes involving multiple individuals with ties to illegal gambling.
In a legal deposition, Sattler testified that he was friends with Scott Sibella, the former president and chief operating officer of Resorts World, and the two used drugs together. Sibella denied the accusation, saying he barely knew Sattler.
Contact Taylor Lane at tlane@reviewjournal.com.