NH CEO Sentenced for Bank Fraud

issiA CEO of a Berlin NH Business has been sentenced in multi-million-dollar bank fraud case.  Former CEO of bankrupt Isaacson Structural Steel, Inc. Arnold Hanson 66 of Nashua NH will serve three years of supervised release including six months of home confinement and six months of curfew. In addition, Hanson must pay $300,000 restitution by January 1, 2017.

The U.S. attorney’s office for VT said Hanson and the company’s. former chief financial officer Steven Griffin along with David Driscoll, outside accountant collaborated to inflate the company’s inventory on hand and other finances when applying for financing with the St. Johnsbury-based Passumpsic Savings Bank and other financial institutions. The loans totaled 12 million dollars and included a $2 million loan guaranteed by the Small Business Administration.

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