Posts Tagged ‘fraud’
PPP Loan Criminal Gets 42 Months for $500K Fraud, Co-Defendant Guilty of Lying to SBA
“[Tamika Cross] submitted false documents certifying a number of employees and payroll for a business that had neither. She collected PPP loan proceeds based on lies and helped others do likewise,” says IRS Criminal Investigation (CI) Special Agent in Charge Thomas F. Murdock. “We are committed to investigating those who defrauded the government and robbed…
Read MoreFraud Friday — Ex-Mayor, Bank SVP Sentenced to 13 Years for $6 Million Loan Fraud
March 23, 2018 By Bob Coleman Editor, Fraud Friday Fraud Friday — Ex-Mayor, Bank SVP Sentenced to 13 Years for $6 Million Loan Fraud A photoshop fake loan documents expert who was an ex-mayor, bank executive and church leader of Enid, Oklahoma — 65 year-old Ernie Currier — will be spending his golden retirement years…
Read MoreMug Shot Monday — Community Bank CEO, CFO Arrested for Hiding Bad Loans from FDIC
June 29, 2015 By Bob Coleman Editor, Mug Shot Monday Oregon-based Bank of Oswego former CEO Dan Heine and his former CFO Diana Yates were arrested Friday on 27 counts of bank fraud. The indictment alleges the two conspired to bring $1.3 million delinquent loans current, thus hiding a number of bad loans from the…
Read MoreMug Shot Monday — Chief Credit Officer Gets 4 Years for $900,000 in Bribes
December 22, 2014 By Bob Coleman Editor, Coleman Report Afternoon Brief “After the financial crisis we experienced, no one can legitimately question the importance of pursuing people like Mr. Malone, who commit bank fraud,” says United States Attorney Michael J. Moore. In addition to four years in prison, Larry was ordered to pay $25 million…
Read MoreMug Shot Monday – Bank Prez Approved Loans to His Own Company
November 17, 2014 By Bob Coleman Editor, Coleman Report That 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…
Read MoreMug Shot Monday – Community Bank CFO Indicted for False Loan Loss Reserves
November 10, 2014 By Bob Coleman Editor, Coleman Report A week after Northern California United Commercial Bank’s Manager of Credit Risk and Portfolio Management pled guilty, the feds indicted the bank’s former CFO. As we reported on October 27th, Thomas Yu pled guilty of failing to properly downgrade poor performing loans. This enabled the bank…
Read MoreMug Shot Monday – Former Arkansas Bank Prez, Guilty of SBA Loan Fraud
November 3, 2014 By Bob Coleman Editor, Coleman Report Guilty on seven counts of SBA loan fraud says an Arkansas jury for the former CEO of HomeBank of Arkansas last month. Reports Arkansas Business’ Gwen Mortiz; The charges all related to $526,100 in loans he got from the SBA to replace storm losses under the…
Read MoreMug Shot Monday – Sr Vice President Guilty for Calculation of Loan Loss Reserves
October 27, 2014 By Bob Coleman Editor, Coleman Report Former Northern California United Commercial Bank’s Manager of Credit Risk and Portfolio Management has pleaded guilty to charges of conspiracy to commit false bank entries and reports. Thomas Yu is guilty of failing to properly downgrade poor performing loans. This enabled the bank to artificially inflate…
Read MoreMug Shot Monday — Philadelphia Loan Broker Gets 16 years for Ripping off 2,000 Small Businesses
October 13, 2014 By Bob Coleman Editor, Coleman Report After his partner got 18 years in jail in March, Matthew McManus is facing a similar fate with a 16 year sentence handed down last week. The fraud wasn’t new. Just a simple loan fee paid in advance with the promise of a loan down the…
Read MoreMug Shot Monday – Nik Patel Fraud Has Political Ramifications in the State of Florida
October 6, 2014 By Bob Coleman Editor, Coleman Report The arrest last week of Nik Patel on charges of selling bogus USDA business and industry loans to the secondary market has created waves in the Florida governor election. Nik had hosted a fundraiser at his house earning incumbent Republican governor Rick Scott $100,000. Democrats are…
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