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The president of a Chicopee-based manufacturing business was sentenced to one day in prison and a year of home confinement for a bank fraud scheme connected to a multimillion-dollar loan package.

Beth Zastawny, 53, of Ludlow, was sentenced to one day in prison and three years of supervised release, including a year of home confinement. Zastawny had pleaded guilty in Springfield federal court in May 2019 to one count of bank fraud and three counts of money laundering.

The bank fraud involved a $4.2 million loan package for her company, Diecast Connections Co. Inc. Blue Hills Bank, relying upon Zastawny’s false representations, extended loans in January 2015, according to a statement from the U.S. Attorney’s Office. Zastawny submitted fake financial statements to the bank and made false representations about Diecast’s assets and liabilities in order to make it appear that the company’s financial condition was much stronger than it actually was.

After obtaining the loan proceeds, Zastawny paid back creditors who had not been disclosed to the bank, and the funds were used for purposes not called for in the loan agreement between Diecast and Blue Hills Bank. The bank foreclosed on the loan after Zastawny failed to meet the terms of the loan agreement, which resulted in a substantial loss for the bank.

Blue Hills Bank was acquired by Rockland Trust in 2019.