March 20, 2015

By Bob Coleman
Editor, Fraud Friday

During the great recession, the president of Premier Community Bank of the Emerald Coast approved a series of loan transactions that netted him almost $300,000 in cash and wiped out $743,000 of his real estate loan debt with Bank of America.

Sean Davis solicited a straw buyer to purchase houses on short sales from Bank of America to his bank.

Sean then authorized and approved loans from Premier Community Bank to third-party buyers for the purchase of two properties from Sean’s straw buyer.

As a result of these loans, Sean received $297,408 through his company, MSD Investments. He then issued a check to God’s Kingdom for $115,000.

And, Sean discharged approximately $743,425 in debt he owed to Bank of America for mortgage loans issued to Sean personally.

Mr. Davis faces sentencing on May 28th for nine counts of fraud and money laundering.

The Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) initiated the investigation.

Read the plea agreement