Coleman Report
SBA Hot Topic Tuesday — OIG Lists Loan Agent Fraud a Serious SBA Management Challenge
December 16, 2014 By Bob Coleman Editor, Coleman Report Afternoon Brief Every year, SBA’s Inspector General issues a report of what she considers the top management and performance challenges facing SBA. Four of the eleven challenges concern the SBA 7(a) loan program. Loan agent, and loan broker fraud is an issue everyone in the industry…
Read MoreMug Shot Monday — Small Business Loan Broker Upfront Fee Scams Still Work?
December 15, 2014 By Bob Coleman Editor, Coleman Report Afternoon Brief Sadly, yes. Says our favorite Special Inspector General for TARP, Christy Romero. Leigh Fiske and Michael Ramdat owned Corporate Funding Solutions and solicited clients over the Internet. When the FBI knocked on the door, the pair quickly folded their cards saying they never intended…
Read MoreFraud Friday — Bank Pays DOJ $3 Million to Settle SBA 504 Loan False Claim Act Lawsuit
December 12, 2014 By Bob Coleman Editor, Coleman Report Afternoon Brief A Wyoming bank wrote a check to the Department of Justice for $3 million in June to settle a False Claim Act for accepting the proceeds of a $2 million SBA 504 loan to pay down its interim construction loan says the SBA. To…
Read MoreColeman Thursday’s Movers and Shakers
December 11, 2014 By Bob Coleman Editor, Coleman Report Midwest Regional Bank Opens Arizona Office with Steve Johnston “We have established ourselves as the premier SBA Lender in the Midwest by streamlining the SBA loan application process and creating a highly-specialized team of SBA professionals”, says Mike Bender, President and CEO. “We are now actively…
Read MoreMain Street Wednesday — LendingClub’s IPO and the Brick and Mortar Small Business Lender
December 10, 2014 By Bob Coleman Editor, Coleman Report Yes, I know LendingClub is primarily a consumer lender. Yes, I know LendingClub isn’t really a consumer lender, but a matchmaker. Yes, I know LendingClub isn’t really a matchmaker, but is a high-growth Internet company — at least that is what the bankers pushing the IPO…
Read MoreSBA Hot Topic Tuesday — SEM Resource Capital Revocation Notice
December 9, 2014 By Bob Coleman Editor, Coleman Report I have chronicled SBA’s seizure of Frank Dinsmore EDF Resource Capital in Northern California, but haven’t paid too much attention to the seizure of the sister CDC, SEM Resource Capital in Michigan. I ran across this a couple of weeks ago. This is fascinating behind-the-curtain stuff…
Read MoreJudge Sets Aside Guilty Verdicts of Arkansas Ex-Community Bank President
December 8, 2014 By Bob Coleman Editor, Coleman Report Former HomeBank CEO John Stacks received an early Christmas present when a Little Rock federal judge reversed two fraud convictions of making false statements to SBA on a disaster loan application. The judge also ordered a new trial on five other loan fraud counts. Reports Arkansas…
Read MoreFraud Friday — 75-Year-Old Ex-Community Bank CEO Gets 2 Years in Jail
December 5, 2014 By Bob Coleman Editor, Coleman Report The Oklahoma banker who testified against his borrowers on loan fraud charges will spend 2015 and 2016 in a federal prison the judge said. The strategy didn’t work out well for the prosecution for one case. After a three day trial in August the borrower, Victor…
Read MoreColeman Thursday’s Movers and Shakers
December 4, 2014 By Bob Coleman Editor, Coleman Report Leslie Niswander Announces Retirement From Fresno Commercial Loan Service Center Joel Stiner, the director of the SBA Commercial Loan Service Center says, “The Fresno Center announces the bittersweet news that Deputy Center Director, Leslie Niswander, has decided to retire. Leslie has served as the Deputy Director…
Read MoreMug Shot Monday — Fallout From Nik Patel Fraud Grows
December 1, 2014 By Bob Coleman Editor, Coleman Report I earlier reported an investment fund for Illinois cities has been hit to the tune of $50 million, with many cities adversely affected by the alleged $179 million loan USDA fraud by First Farmer’s Nik Patel. A number of banks have an exposure also. Harvard Savings…
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