State senator to plead guilty to bank fraud

PROVIDENCE, R.I. – A Rhode Island state senator has resigned his seat after agreeing to change his plea to guilty on federal charges that he falsified bank and tax documents to obtain more than $1.7 million in mortgages.

Sen. Christopher Maselli, a Johnston Democrat and real estate lawyer, resigned on Monday. He is scheduled to plead guilty in federal court in Providence on Wednesday to eight counts of bank fraud.

The accusations are not related to his Senate position, and he did not run for re-election.

Maselli's lawyer, William H. Kettlewell, says Maselli deeply regrets his actions. He says the loan payments are current and the banks have not lost any money on them.

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