BANGOR, Maine — A Mapleton man was sentenced Tuesday in U.S. District Court to 30 days in jail for bank fraud.
Charles G. Putnam, 63, began serving his sentence immediately.
In addition to jail time, U.S. District Judge John Woodcock sentenced Putnam to five years of supervised release and ordered him to pay more than $80,000 in restitution.
Putnam pleaded guilty in March to submitting inflated and fake invoices to Katahdin Trust Co., where he had a $150,000 line of credit for his former business, County Truck Brokerage.
“As a truck broker, the defendant arranged to have goods and materials shipped to and from various companies,” the prosecution version of events to which Putnam pleaded guilty said. “In order to arrange for these shipments, the defendant hired independent truck drivers.
“It was often necessary for the defendant to pay for certain costs associated with shipping goods, such as fuel costs or payment to the independent truck drivers, prior to being paid by the company for which the goods were shipped,” the court document said.
Federal Public Defender Virginia Villa told Woodcock at the sentencing that Putnam began submitting inflated and false invoices in 2008 in an effort to keep his business afloat.
Putnam faced up to 30 years in prison and a fine of up to $1 million.