On Oct. 1, 2014, in Hartford, Connecticut, Frank Mete, of Berlin, was sentenced to 41 months in prison and three years of supervised release. Mete was also ordered to make full restitution to his victim investors and pay $666,851 to the IRS. On Dec. 4, 2013, Mete pleaded guilty to wire fraud and tax evasion. According to court documents, from approximately 2009 to November 2012, Mete operated an investment fraud scheme in which he held himself out as a broker of hard money loans between investors and purported individual borrowers who were willing to borrow money at interest rates of 15 to 18 percent. In fact, there were no such borrowers. In order to induce the investors to extend loans to the purported borrowers through him as the broker, Mete created false documents using the names of the fictitious borrowers. Mete forged signatures on the checks he received from the victim investors and deposited the funds into several bank accounts he opened in the borrowers’ names. Mete defrauded investors of approximately $1,191,610 and used the funds to pay for various personal expenses. Mete also failed to file federal income tax returns from 2009 to 2012, causing a tax loss of approximately $357,324.