January 8, 2016
By Bob Coleman
Editor, Fraud Friday
Fraud Friday — SBA Loan Broker Gets Four Years for Bank Fraud
Jeong, or Patrick Moon, was sentenced to four years in prison for photoshopping tax returns and bank statements for his SBA loan clients.
He also destroyed SBA documents for six loans, earning him an obstruction of justice charge.
Moon owned and operated JM Capital Solutions, Inc. and RNB Consulting, Inc., which were loan brokerage firms with offices located in Virginia.
These firms specialized in securing loans for individuals to purchase or refinance small businesses in Maryland, Virginia and the District of Columbia.
From 2006 to April 2014, Moon defrauded financial institutions by submitting false copies of the borrowers’ monthly bank statements to reflect more money than was actually in the borrowers’ bank accounts.
Moon also prepared and submitted false tax returns for the borrowers which inflated the borrowers’ income.
Moon also was ordered to pay restitution of $2.2. million.