Mammorella Denies Bank Fraud - WCAX.COM Local Vermont News, Weather and Sports-

Mammorella Denies Bank Fraud

Burlington, Vermont - November 5, 2009

A Williston man pleaded not guilty to bank fraud.

Paul Mammorella, 54, worked for Specialty Filaments in Burlington and Middlebury as the director of finance. Prosecutors say he inflated the company's worth to get large loans from Wells Fargo. Specialty Filaments went bankrupt in 2007.

Mammorella's alleged actions cost Wells Fargo and the Vermont Economic Development Authority about $1 million.

Mammorella faces up to 30 years in jail and a $1 million fine if convicted.

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