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Lockport businessman ordered to repay almost $471,000

James P. Vasiliou, Jr.,49, a Lockport businessman, has been ordered by U.S. District Court Judge Richard J. Arcara to repay $470,930.08 to two banks and spend nine months of home confinement wearing electronic monitoring devices on his bank fraud conviction. Vasilious was convicted of submitting false applications to the JP Morgan Chase Bank to refinance property he owns in Lockport and filing a number of false mortgage loan applications to the Bank of America. He was ordered to repay the Bank of America $194,285 and JP Morgan Chase $276,645.08.