John Burns jacked Northrim Bank for $750,000 and now he's going to spend three years in jail, according to a press release from the U.S. Attorney.

In 2006 Burns' company, Central Construction, got a line of credit for $750,000 from Northrim Bank, but the loan's terms required him to show that his accounts receivable were over a million bucks if he wanted the whole line.

An FBI investigation showed that Burns overstated his accounts receivable in order to get at the entire $750,000. Burns had money coming in from Quality Asphalt Paving, Wilder Construction, Construction Unlimited and Chugach Electric Association, but the FBI said Burns overstated each of the accounts.

When the judge laid down the sentence, he said this was not Burns' "first time around the block," according to the press release. In 2006 Burns had borrowed $500,000 from First National Bank Alaska, but in early 2006 they told him to take a hike after they looked over his accounts receivables and got suspicious.

Burns said in court he was sorry the bank lost money, but he also denied any criminal intent.

Central Construction did electrical contracting for big infrastructure projects, and worked on the trail at Kincaid Park, the Glenn Highway and Wasilla-Fishhook Road, and the runways at the airports in Anchorage and Palmer.

By the end of 2006 and in early 2007, the FBI investigation showed that Burns was exaggerating his accounts recievable by $1 million in his reports. Burns did make interest and principal payments on the $1.925 million in loan proceeds he collected from Northrim, but in the end the bank was out $750,000.

The court told Burns to pay $763,671.40 in restitution to Northrim, but didn't fine him. Burns is free on his own recognizance until he surrenders himself to the FBI.

Contact Joshua Saul at jsaul(at)alaskadispatch.com.