View source for Alabama Man Ordered To Pay 12M Serve 15 Years For Fraud

<br>BIRMINGHAM, Ala. (AP) - An Alabama man who pleaded guilty to using bank fraud to live an opulent lifestyle that included a private jet and luxury cars like Ferraris and Lamborghinis was sentenced to 15 years in prison and ordered to pay $12 million in restitution, prosecutors said Thursday.<br> <br>Christopher A.<br><br>Montalbano, 39, of Vestavia Hills pulled off the scheme over a four-year period that ended in 2020, authorities said in a statement. He pleaded guilty to conspiracy, bank fraud and money laundering in November and was sentenced Tuesday by U.S. District Judge Annemarie Axon.<br> <br>Montalbano used shell companies to take out more than 140 loans worth millions from at least 20 institutions, prosecutors said in a statement.<br><br>The money went to finance an extravagant lifestyle that included two homes, farmland and multiple real estate holdings in addition to the [https://abcnews.go.com/search?searchtext=high-end%20cars high-end cars] and a jet with a [https://Google.com.bd/url?sa=t&url=https://orbitstravellers.com private jet and their prices] pilot.<br> <br>An attorney for Montalbano, Brett Bloomston, declined comment.<br> <br>Montalbano's father, 77-year-old Gus Montalbano of Vestavia Hills, also pleaded guilty to conspiracy to commit bank fraud and awaits sentencing.<br><br>The older man [https://www.search.com/web?q=participated participated] in the scheme to a lesser extent "at the behest of his son," said his lawyer, Tommy Spina.<br> <br>"He trusted his son," Spina said.<br> <br>The younger man covered up what was going on by creating fake company websites that included photos of heavy equipment, boats and other expensive items, prosecutors said.<br>