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Mug Shot Monday – SBA Loan Broker Accused of $14 Million Fraud

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May 5, 2014

By Bob Coleman
Editor, Coleman

photoshopPhotoshop is a great tool for criminals. Used properly, it creates awesome loan files that fool lenders focusing on gathering the “checklist” of documents.

Patrick Moon’s JM Capital and RNB Consulting “altered copies of borrower’s monthly bank statements by changing the numerals on the statements to fraudulently reflect more money than was actually in the borrower’s bank accounts,” says the 25-count fraud indictment.

And of course we have the requisite con of Turbo Tax prepared false tax returns; “The income reported on these individual income tax returns was inflated to make the borrower’s income appear to be higher than they were in fact in order to increase the likelihood that a loan would be approved.”

Charges were filed for submitting false documents for 16 SBA loans to Revere Bank of Laurel, Maryland.

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Plus, it seems Patrick bought a paper shredder to cover his tracks alleges the indictment.

The Feds say he destroyed his loan files for the following SBA loans:

· CIT Small Business Lending loan to New Seoul Department Store
· Hanmi Bank loan to Festival Cleaners
· PNC Bank loan to Princeton Cleaners
· Foster Bank loan to Kafe Kosmos
· Hanmi Bank loan to Cedar Hill
· Hanmi Bank loan to New Promise Cleaners

Read the indictment here

 

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