GREECE, N.Y. – Former Crescent Beach Restaurant owner Katherine Mott-Formicola agreed to forfeit any proceeds from the government sale of the property, according to federal court documents filed Tuesday. Her business partner, Robert Harris, is also involved in this agreement.
Mott-Formicola pleaded guilty last year to bank fraud and money laundering. The scheme involved over-inflating her bank balances, resulting in a nearly $19 million loss for Five Star Bank.
Her sentencing, which has been rescheduled multiple times, is now set for Nov. 5. Mott-Formicola faces up to eight years in prison.
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