Beverly Hills Podiatrist Sentenced in $3M Identity Theft, Bank Fraud Scheme

A Beverly Hills podiatrist has been sentenced to two years in federal prison for his part in a $3 million bank fraud scheme that used identities stolen from 70 different people.

Dr. Bill Releford, the founder of the Releford Foot and Ankle Institute, received the sentence Monday and was also ordered to pay $218,237 in restitution and a $10,000 fine, according to a news release from the U.S. Attorney's Office.

Releford, 53, of Los Angeles, pleaded guilty in May 2012 to charges that he participated in a scheme to defraud Bank of America and Wells Fargo Bank, according to the news release.

He admitted "that he participated in the scheme to obtain money for his medical practice, which has offices in Beverly Hills and Inglewood."

"Releford and five other co-defendants operated a scheme to defraud financial institutions by using stolen identities to establish business lines of credit which were fraudulently drawn down to provide money that was used for their personal expenses," the news release said.

Losses to Wells Fargo Bank and Bank of America were more than $3 million as a result of the scheme, according to the U.S. Attorney's Office.