Fraud Friday – Small Business Lender Sentenced to 29 Months for $1.7 Million Fraud
January 17, 2014
By Bob Coleman
Editor, Coleman Report
The owner of a Connecticut nonbank lender who provided financing to companies for the purchase of heavy equipment, such as tractor-trailer trucks, dump trucks, backhoes has been sentenced to 29 months in prison.
Anchor Capital Services would draw down on the lines of credit it had with financial institutions by pledging its lease agreements and the related equipment as collateral.
But of course, the leases were phony photoshopped docs and the money was used for working capital.
“This defendant repeatedly lied to banks defrauding them of over a million dollars,” stated Acting U.S. Attorney Daly. “He did so in hopes of salvaging his business. Bank fraud schemes are never the right course of action for struggling business owners. Those who ignore this advice may well find themselves facing federal criminal charges.”