HUDSON – Matthew Dispensa, 57, of Hudson recently pled guilty to three counts of bank fraud and one count of attempted wire fraud to obtain $342,650 in CARES Act funding.

Dispensa’s illegal activities began in the spring of 2020, according to U.S. Attorney Jane Young’s office.

In May of that year, Dispensa applied for a $90,400 loan from Primary Bank under the federal Paycheck Protection Program for a company known as Gateway Hills LLC. In doing so, he submitted fake annual and quarterly tax documents as well as a “Management Report” detailing the company’s financial activities through the end of the year, as if they had already happened.

In his “Payroll Summary,” Dispensa stated that he received $8,700 per month from Gateway Hills. Yet, neither the company nor the associated income appeared on his tax returns.

In December 2020, Dispensa applied for a $150,000 loan from the Small Business Administration. On the application, he claimed that Gateway Hills generated a gross revenue of $485,000 for the year. However, there were no bank statements showing any activity from Gateway Hills during that 12-month period.

Dispensa now faces up to 50 years in prison, eight years of supervised release and $1.2 million in fines. He will be sentenced on May 28.

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