Two Connecticut men who pleaded guilty to scamming a Cranston bank out of $4.8 million were sentenced to federal prison for the scheme.
Joseph Sarlo, 56, of Trumbull, Conn., and John DeMilo, 44, of Branford, Conn., were sentenced to 44 months and 22 months in federal prison respectively. They were also ordered to pay restitution.
The two men pleaded guilty to charges of conspiracy to commit bank fraud after they were charged with scamming Domestic Bank of Cranston — now known as Admirals Bank — in a a scheme involving ATMs and cash.
Court records show that DeMilo and Sarlo were executives with New England Cash Dispensing Systems, a company that stocked ATMs for Domestic Bank. The men reportedly skimmed money from the ATMs and moved funds from ATM to ATM to hide their crimes behind accounting measures. Prosecutors said the men floated the money to hide their crimes and stole $4.8 million over three years.
Domestic Bank was bought by Admirals Bank in 2010.