Posts Tagged ‘Mug Shot Monday’
Mug 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 — Stockholm Syndrome and the Iowa Banker?
June 15, 2015 By Bob Coleman Editor, Mug Shot Monday How else to describe the relationship between a banker and his borrowers that resulted in five guilty pleas for bank fraud? It appears the banker didn’t benefit financially as he crossed the line trying to bail out his borrowers by approving loans to straw borrowers…
Read MoreMug Shot Monday — Ex-Bank Director Sentenced to 12 Years
June 8, 2015 By Bob Coleman Editor, Mug Shot Monday For $347,000. Michael Bernick is a contractor and former director of Metropolitan Savings Bank in Lawrenceville, PA. After the community bank failed, costing the FDIC $9.4 million, prosecutors began looking for the usual suspects. They discovered Vice President and Managing Officer Donna Shebetich was a…
Read MoreMug Shot Monday — Nik Patel’s Two-Year old Quotes Hint at Fraud?
June 1, 2015 By Bob Coleman Editor, Mug Shot Monday “I used my money first.” “From the debt side, we’re finding it very easily. We’re able to find a debt financing piece of these purchases, and we’ll be looking for an equity partner soon.” “‘For the most part, it’s been smooth sailing.” All are quotes…
Read MoreMug Shot Monday — Another Community Bank President Guilty
May 11, 2015 By Bob Coleman Editor, Mug Shot Monday Add Poppi Metaxas to the list of community bankers jailed after her bank received TARP funds. She faces five years in prison for her guilty plea of bank fraud for her role in defrauding the bank of $1.8 million. ‘While Gateway Bank was applying for…
Read MoreMug Shot Monday — 3 ½ Years for Community Bank Special Asset VP
May 4, 2015 By Bob Coleman Editor, Mug Shot Monday After being convicted in January of bank fraud, Rusty Beamon learned today he will spend 3 ½ years in jail. Rusty Beamon was a vice president at Appalachian Community Bank in Georgia and was in charge of the bank’s foreclosed real estate assets. In 2009,…
Read MoreMug Shot Monday — SBA Borrower Pleads Guilty for $1.7 Million Fraudulent (Photoshopped Docs) Biz Aq Loan
April 27, 2015 By Bob Coleman Editor, Mug Shot Monday In 2009, Stewart Harris applied for $1.7 million SBA loan to purchase a commercial glass company. To secure the loan, Harris submitted a loan application and purported tax returns in which he falsely represented the social security number of another individual. He also submitted photoshopped…
Read MoreMug Shot Monday — Borrower Pleads Guilty to Money Laundering, Bank Fraud Charge Dismissed
April 20, 2015 By Bob Coleman Editor, Mug Shot Monday As we wrote one year ago, the patent holder of a “pseudo adiabatic engine” was living the good life in Florida with his $169 million net worth. What is a “pseudo adiabatic engine?” Well, it’s pretty cool technology. It will get you twice the fuel…
Read MoreMug Shot Monday — Another Failed TARP Recipient Community Banker Guilty of 5 Counts of Fraud
‘After a one week trial, the jury convicted David Weimert, a senior officer of AnchorBank, for a fraud he committed during the time the bank applied for and received TARP bailout funds,’ says Christy Romero, SIGTARP. ‘SIGTARP’s investigation with our law enforcement partners revealed that, while in serious financial trouble during the financial crisis, the…
Read MoreMug Shot Monday — Borrowers Who Don’t Report all Income is Just a Character Issue, Right?
February 9, 2015 By Bob Coleman Editor, Mug Shot Monday Back in the day, when I was in grad school working on my MBA, my accounting professor said, “Just remember, overreporting expenses can be a gray area, but undereporting income is a crime.” Not declaring all cash sales. Ar we simply dealing with character issues?…
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