A former Massachusetts man pleaded guilty earlier this week in federal court in Springfield to his role in a conspiracy to hide money from a federally insured financial institution.

Jeffrey Borer, 59, formerly of Hatfield, pleaded guilty to one count of conspiracy to make false statements to a federally insured financial institution and one count of false statements to a federally insured financial institution.

Borer and another person owed Wells Fargo Bank approximately $1.32 million in outstanding loans in August 2012. Borer’s sister, who was acting as their bookkeeper, in March 2012 received approximately $1.1 million, which related to a judgment from a Honduran court, in her Massachusetts bank account.

The share of these funds belonging to Borer and the other person was $486,000. A few days later, Borer sent an email to his sister to “keep [the] bulk” of their funds in her account because “Wells Fargo might be conducting an asset search on us to try and recover on the judgments. Just transfer what is needed to pay bills as they arrive.” Borer’s sister distributed their funds from her account as he requested.

Borer’s sister prepared a false personal financial statement for Borer, stating that he and the other person only had $4,200 in cash in the bank, on or about May 24, 2012.

Borer provided the statement to Wells Fargo, which relied upon it to negotiate their debt. Borer executed a settlement agreement with Wells Fargo, in which the bank agreed to forgive Borer’s personal obligations in exchange for a payment of only $50,000, on Oct. 31, 2012. Wells Fargo would not have settled for $50,000 had it known that Borer and the other individual had received $486,000 in cash from the Honduran judgment.

Borer’s sentencing is scheduled for July 17, 2019.

Borer’s sister pleaded guilty to these same charges on Sept. 20, 2018. Her sentencing is scheduled for April 25, 2019.