Coleman Report

November 15, 2019 By Caity Witucki Contributing Editor, Fraud Friday Fraud Friday– Business Man Pleads Guilty to Multi-Million Dollar Bank and Wire Fraud Scheme Former chief executive officer and businessman, Michael Allen Worley, recently pleaded guilty to more than $29 million dollars worth of bank and wire fraud. According to court filings, Worley is now…

November 14, 2019 By Caity Witucki Contributing Editor, Coleman Movers & Shakers Coleman Movers & Shakers — Valley Bank, Jack Engelkes, Tracy French, and First Internet Bank Valley Bank earns “Preferred Lender” designation Valley Bank has achieved the U.S. Small Business Administration’s “Preferred Lender” designation, giving the bank the ability to process SBA loans faster…

November 13, 2019 By Bob Coleman Editor, C-Suite Wednesday C-Suite Wednesday – Previous SBA Lending Award Winners The SBA Lending Award program highlights the careers and achievements of professionals who are making great strides in SBA lending. Nominations for Coleman’s 2019 SBA Lender Professional Awards have been extended to November 15, 2019. Our previous years’…

November 12, 2019 By Caity Witucki Contributing Editor, SBA Hot Topic Tuesday SBA Hot Topic Tuesday — Change of Ownership Loans Up in FY 2020 According to Chief Executive Magazine, 80% of business owners want to pass their family businesses on to the next generation. However, many of those businesses would fail without additional funding.…

November 8, 2019 By Caity Witucki Contributing Editor, Fraud Friday Fraud Friday– Update on Noah Bank CEO Fraud Scheme SIGTARP’s latest report to Congress details the investigative results of twelve financial institution fraud schemes, including an update on the arrest of Noah Bank CEO, Edward Shin. The report claims that between 2009 and 2012 Shin…

November 7, 2019 By Caity Witucki Contributing Editor, Coleman Movers & Shakers Coleman Movers & Shakers — Dana Rosen, Erik Adams, and Cat Riddle Harvest Welcomes Dana Rosen as SVP for the Midwest Region Dana Rosen Joins Harvest as its newest SVP and loan officer for the Midwest region. Prior to joining Harvest, Rosen served…

November 5, 2019 By Caity Witucki Contributing Editor, SBA Hot Topic Tuesday SBA Hot Topic Tuesday — SBA Can Improve Loan Programs by Reducing Improper Payments at SBA Loan Operation Centers During FY 2019, the SBA’s OIG identified material lender noncompliance in five of the eight loans reviewed, totaling approximately $8.7 million in questioned costs.…

November 4, 2019 By Mary Miller Contributing Editor, Main Street Monday Main Street Monday – Small Businesses Turn to Online Lending Options Rebounding from the last recession resulted in a longer and more difficult recovery time for small businesses. What helped, according to online lenders, is their automated lending systems and platforms. Last quarter online…

November 1, 2019 By Caity Witucki Contributing Editor, Fraud Friday Fraud Friday– Bookkeeper Admits Stealing Over $300K From Physical Therapy Business On September 10, 2019, Heather Nicole Gray, the former bookkeeper for Sutherland Physical Therapy and Sutherland Yoga Studio, pleaded guilty to Bank Fraud. It is estimated that the fraud totaled $321,854. According to the…

October 31, 2019 By Caity Witucki Contributing Editor, Coleman Movers & Shakers Coleman Movers & Shakers — Andre R. Bailey, Cindy Santilena, and Kevin Gallagher Harvest Welcomes Andre R. Bailey as SVP for the Southwest Region Andre R. Bailey joins Harvest as the newest SVP and loan officer for the Southwest region. He has over…