Darrell Walker Holloway, 33, Penn Hills, Pennsylvania, was sentenced in federal court in Pittsburgh, Pennysvlania to twelve months and one day imprisonment, followed by three years supervised release, after being convicted of conspiring to launder money and stealing monies from the Pension Benefit Guaranty Corporation (PBGC).

According to information presented to the court, Holloway, during the period November 23, 1998 through January 31, 2001, participated in a conspiracy to launder the proceeds of a wire fraud scheme perpetrated against banks and other lending institutions. The scheme involved obtaining $2,000,000.00 in loan proceeds via the submission of false loan applications on real properties titled in the names of Holloway and others. Holloway and other co-conspirators agreed, for a fee, to place properties in their names and then sign and submit loan applications to American Business Mortgage and other lending institutions which were materially false as to employment, income, assets, and other information. The fees paid to Holloway came from the proceeds of the fraudulently obtained loan proceeds.

Holloway was concurrently sentenced for having unlawfully converted to his own use, a check issued by the PBGC.

Prior to imposing sentence, Senior United States District Judge Maurice B. Cohill stated that the one-year term of imprisonment provided for a proper punishment and was fair in light of the seriousness of the offenses, Holloway's role in the criminal activity, and the level of cooperation he provided.