Rockford Lender Anthony D'Agostino Sentenced to 90 Months for Hiding Commercial Mortgage's Losses From Note Investors

Case from 2013–2014 (U.S. Attorney's Office latest release: May 21, 2014). Published on Scammers.com Oct. 16, 2026; case status is current as of that date.

Anthony F. D'Agostino, 79, former owner, CEO and president of Commercial Mortgage and Finance Co. in Rockford, Ill., was sentenced on May 21, 2014, to 90 months in federal prison and ordered to pay $49,350,615.95 in restitution for defrauding investors in the company, the U.S. Attorney's Office for the Northern District of Illinois announced [1].

U.S. District Judge Frederick J. Kapala found him guilty on Jan. 17, 2014, after a six-day bench trial in September 2013, of 17 counts of mail fraud, one count of wire fraud and one count of securities fraud [2]. (The Justice Department's archive dates that release Jan. 17, 2013, but it describes the September 2013 trial; the sentencing release confirms the conviction date as Jan. 17, 2014.)

How the scheme worked

According to Judge Kapala's decision, as described by prosecutors [1]:

1. The investments: D'Agostino raised capital by selling promissory notes and certificates of participation in Commercial Mortgage.
2. The hidden problem: The company had a negative net worth that grew steadily while he owned it. By year-end 2003, it stood at -$12,860,653, and the company had not made a profit in six years.
3. Trading on reputation: From then until Oct. 8, 2008, knowing the company might not recover, D'Agostino used its long-standing goodwill to get and keep investors' money. That exposed investors to losses of more than $20 million.
4. Reassurances: The judge found he falsely told customers the company was "doing well," "doing great," "very fine" or "wonderful."

The person sentenced

Anthony F. D'Agostino, 79, Rockford, Ill.

• Verdict: guilty on all 19 counts after a bench trial (decision filed Jan. 17, 2014).
• Sentence (May 21, 2014): 90 months on each fraud count and 60 months for securities fraud, to run concurrently; three years of supervised release; $49,350,615.95 restitution [1].

The FBI and the Illinois Secretary of State's office investigated.

Red flags

• Notes sold by a local lender on reputation alone, without audited financials.
• Vague reassurances ("doing great") instead of numbers.
• A company that keeps raising money from the public while showing no profit.

What to do if you're targeted

1. Ask for audited financial statements before buying a company's notes, and check whether the offering is registered or exempt.
2. Check with the Illinois Secretary of State Securities Department or your state regulator.
3. Report suspected securities fraud to your state regulator and the SEC at sec.gov/tcr.

Case status (as of Oct. 16, 2026)

Defendant	Court	Status as of Oct. 16, 2026	Source
Anthony F. D'Agostino, Rockford	N.D. Ill., Western Division (Judge Kapala)	Found guilty at bench trial Jan. 17, 2014; sentenced May 21, 2014, to 90 months; $49.35M restitution	[1], [2]

The sentence was imposed in 2014; we have not found a source on D'Agostino's current custody status.

Sources

1. U.S. Attorney's Office, Northern District of Illinois, "Former Owner Of Commercial Mortgage And Finance Company Sentenced," May 21, 2014. https://www.justice.gov/usao-ndil/pr/former-owner-commercial-mortgage-and-finance-company-sentenced
2. U.S. Attorney's Office, Northern District of Illinois, "Former Owner Of Commercial Mortgage And Finance Company Convicted Of Fraud," dated Jan. 17, 2013, in the DOJ archive (describes Jan. 17, 2014, verdict). https://www.justice.gov/usao-ndil/pr/former-owner-commercial-mortgage-and-finance-company-convicted-fraud

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