Byline: Steven H. Foskett Jr.
WORCESTER - The co-owner of a former Lunenburg plastics company pleaded guilty in federal court yesterday to conspiracy, wire fraud and money laundering charges.
Gary C. Gitto, 48, of Leominster, a former co-owner of Gitto/Global Corp. charged along with five other executives and employees at the company in an alleged scheme to defraud lenders, changed his plea in U.S. District Court yesterday. U.S. District Court Judge F. Dennis Saylor IV accepted the plea, found Mr. Gitto guilty of the three charges, and set a Jan. 5 sentencing date.
As part of the plea agreement, several other charges against Mr. Gitto will be dropped, and the government will recommend a period of incarceration within the sentencing range determined by the court; three years of supervised probation; and a special assessment of $300. The government will also reserve the right to recommend restitution and a fine after a review of Mr. Gitto's financial condition is completed, according to the plea agreement.
On the conspiracy charge, Mr. Gitto faces a prison sentence of up to five years and a $250,000 fine. On the wire fraud charge, he faces up to 20 years in prison and a $250,000 fine. On the money laundering charge, he faces a prison sentence of up to 10 years in jail and a $250,000 fine.
Also included in the sentencing recommendation was consideration during sentencing for Mr. Gitto's "acceptance of personal responsibility" in the case.
Mr. Gitto, along with Frank Miller, Charles N. Gitto Jr., William Deakin, Louis J. Pellegrine...