Posts Tagged ‘loan fraud scheme’
Mug 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…
Read MoreMug Shot Monday – Loan Broker Charged in $3 Million Advanced Fee Scheme
September 29, 2014 By Bob Coleman Editor, Coleman Report Over 20 small businesses were ripped off by a Connecticut loan broker alleges the feds. Todays perp, who already has spent 41 months in jail for bank fraud and money laundering, originally used the address of an abandoned building in Dayton Ohio to transact his business.…
Read MoreMug Shot Monday – Why Let the Facts Get in the Way of a Good Loan Application?
September 22, 2014 By Bob Coleman Editor, Coleman Report Thought Selim Zherka says the feds. According to his Indictment, from November 2005 through 2008, Zherka obtained loans totaling more than $146 million in loans from three banks – North Fork Bank (now Capital One), Sovereign Bank (now Santander), and Signature Bank – for the purchase…
Read MoreMug Shot Monday – Thou Shalt Not Covet Thy Neighbor’s House
September 15, 2014 By Bob Coleman Editor, Coleman Report Or, use your neighbor’s house as collateral for a c-store loan in Stover, Missouri. So sayeth the feds against Carol Noble who used the house next door for a $185,000 loan by Central Trust Bank in Jefferson City. Carol transposed the address in her loan application.…
Read MoreMug Shot Monday – Two Indicted for Ripping off a Texas Bank of $400,000 with Fake Invoices
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…
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