$30M fraud scheme by Fresno man ends with a plea deal, prosecutors say
A Fresno man pleaded guilty to one count of wire fraud for his part in a scheme that stole more than $30 million from lenders, the U.S. Attorney’s Office announced on Monday.
Matthew Dane Billingsley, 39, lied about having a brokerage account to use it as collateral to borrow money from individual donors and financial institutions between June 2018 and February 2023, according to court records.
In his plea deal, he agreed to pay restitution up to $20 million.
Billingsley’s attorney, Daniel A. Bacon, said his client made bad investments and agreed to high interest rates before it “snowballed” out of control. Billingsley agreed to a plea deal before he was formally charged.
“Mr. Billingsley stepped up and took responsibility for his actions,” Bacon said. “He has repaid much of what he borrowed.”
Billingsley did not have a brokerage firm but used fake account statements to gain the trust of lenders, prosecutors said. In one case in May 2021, his fake account showed he had $11 million, which helped him obtain a $5 million loan.
He used the money for himself or to pay down previous loans, the court records say.
Billingsley used the name of a Fresno restaurant owner in one case and signed a profit-sharing agreement to get a loan from a lender, according to prosecutors.
His sentencing hearing is set for Nov. 10. He faces up to 20 years in prison and a $250,000 fine.
