stickyimage

Mug Shot Monday – Bank Prez Approved Loans to His Own Company

Tags: , ,

November 17, 2014

By Bob Coleman
Editor, Coleman Report

PremierCommunityBankoftheEmeraldCoastThat he used to buy real estate from Bank of America in short sales.

“(Michael) Davis stands charged in a purported scheme that caused Premier Community Bank, TARP recipient Bank of America, and Beach Community Bank to suffer losses,” says Christy Romero, SIGTARP. “SIGTARP and our law enforcement partners will aggressively investigate allegations of fraud related to TARP and ensure justice and accountability for taxpayers.”

Says the feds, “The indictment alleges that Davis, while the president of Premier Community Bank of the Emerald Coast, devised a scheme to defraud and fraudulently obtain money and property from Premier Community Bank, Bank of America, and Beach Community Bank, all of which were federally insured. As a part of the scheme, it is alleged that Davis orchestrated short sales from Bank of America by causing the submission of false documents in real estate closings. The indictment also alleges that Davis, through his company MSD Investments, received funds from loans he authorized and approved as president of Premier Community Bank.”

Michael faces nine felony fraud counts and his trial is scheduled for January 15th in Pensacola.

Read More

3 years ago by in . You can follow any responses to this entry through the | RSS feed. You can leave a response, or trackback from your own site.