Fraud Friday – Four Years in Prison in Exchange for $5,000 in Plumbing
March 1, 2013
This one is a head scratcher. A loan officer took money from a $500,000 line of credit to a homeless mission in Seattle and made “under-the-table” loans to friends and family.
While free on bail after his guilty plea, the judge immediately ordered him into custody to begin serving four years in prison.
How much did our fraudster profit?
He spent “as much as $5,000 of it” for plumbing work at his house.
Total loss to the bank was $917,000, which made the homeless mission whole.