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Mug Shot Monday – Two Indicted for Ripping off a Texas Bank of $400,000 with Fake Invoices

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September 8, 2014

By Bob Coleman
Editor, Coleman Report

Two Odessa oilfield services partners have been indicted for inflating account receivables sold to Commercial State Bank.

According to the feds Shorts Electric had a Business Manager Reserve Account (BMRA) in which CSB would purchase, at a discount, Shorts Electric accounts receivable and transfer funds to the account.

However, its alleged Shorts Electric submitted numerous fraudulent invoices knowing that those invoices would be uncollectable.

“Bank fraud has the potential to cause immeasurable damage to our community and the FBI will continue to rigorously investigate these allegations with our law enforcement partners. The arrests of these individuals will send notice that the FBI will continue to protect the community from schemes to defraud financial institutions insured by the FDIC,” says the FBI.

“Working alongside our law enforcement partners, we will continue to focus on finding, stopping, and punishing those who commit fraud schemes that impact our financial institutions,” says the FDIC.

Read the press release here

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