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Fraud Friday – 4 Years for CRE Refi Deal Gone Bad

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December 27, 2013

emptyoffice2By Bob Coleman
Editor, Coleman Report

Before the crash in 2008, a Washington man refinanced his commercial real estate property that was 90% occupied.

Well, that’s what he told Umpqua Bank. Turns out the building was “largely vacant.”

The bank lost $2.2 million when it foreclosed.

The court ordered our perp to pay $2.7 million in restitution to the bank, and forfeit the $1.3 he “personally profited from through his crimes.”

Read more here.

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