Former CFO from Salem sentenced to more than 5 years in prison

CLEVELAND — A 55-year-old Salem man has been sentenced to five years and 10 months in federal prison and ordered to repay more than $1.1 million after pleading guilty to wire fraud, bank fraud, money laundering and aggravated identity theft, the U.S. Attorney announced.

U.S. District Judge Dan Aaron Polster imposed the sentence today on Raymond G. Isabella, who was a certified public accountant and chief financial officer of Intrasee Inc., a privately owned corporation.

Isabella charged Intrasee about $335,000 in excess accounting fees beginning in 2010 to enrich himself, the U.S. Attorney said. The defendant arranged for the corporation to obtain bank loans without its owners’ permission or authorization, according to the indictment.

Isabella schemed to defraud Huntington National Bank by obtaining three loans from it, falsely claiming Intrasee’s owners had approved the loans, the U.S. Attorney said.

The case was investigated by the FBI, the IRS and the Avon Police Department.

Isabella will be on three years of supervised release after serving his sentence.