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Old Saybrook man already incarcerated arrested for bank fraud

By Karen Florin

Publication: theday.com

Published March 18. 2013 1:00PM   Updated March 18. 2013 1:41PM

A 44-year-old man from Old Saybrook who is charged with multiple financial crimes in state court was arrested by federal officials last week for bank fraud.

   Paul E. Brennan III, who is being held at the Corrigan-Radgowski Correctional Center in lieu of $200,000 bond on charges of larceny, forgery and issuing a bad check, was arraigned in U.S. District Court last week on the bank fraud charge.

   According to the office of U.S. Attorney David B. Fein, Brennan engaged in a scheme from 2009 to 2011 in which he convinced individuals to cash checks for him using their bank accounts even though he knew the checks were drawn on closed or empty accounts and would be returned for non-payment. He also is accused of passing fraudulent checks at several check cashing businesses.

   Bank fraud carries a maximum prison term of 30 years. Brennan is entitled to have his case presented to a grand jury. If an indictment is returned, he is entitled to a trial.

    The U.S. Attorney’s office asks anyone with information that may be helpful with the investigation call FBI Special Agent Daniel S. Harkness at (860) 439-6107. Old Saybrook Police are assisting in the investigation, and the case is being prosecuted by Special Assistant United States Attorney Kerry L. Quinn.

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