Alabama man ordered to pay $12M, serve 15 years for fraud

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 say 39-year-old Christopher Montalbano pulled off the scheme over a four-year period that ended in 2020. He pleaded guilty in November and was sentenced this week in Birmingham. Authorities say Montalbano used shell companies to take out more than 140 loans worth millions from at least 20 institutions. His father pleaded guilty to having a lesser role in the scheme.