August 4, 2021
By Bob Coleman
Publisher, Coleman Report
Contributing Editor, Coleman Report
ALL FIVE banc-serv Defendants Guilty of SBA LOAN FRAUD
Kerri Agee, Co-Founder, CEO — Guilty, 5 counts of Fraud
Kelly Isley, Chief Operations Officer — Guilty, 3 counts of Fraud
Nicole Smith, Structuring & Eligibility Manager — Guilty, 3 counts of Fraud
Chad Griffin — Chief Marketing Officer, Guilty, 1 count of Fraud
Matt Smith — Co-Founder, Guilty, 1 count of Fraud
The surprise 8 p.m. Wednesday night verdict was delivered by the jury after a single day of deliberation.
The government’s case covered six days and ten witnesses, most notably SBA officials who spoke passionately about the breach of trust between banc-serv employees and the Agency.
The defense could not overcome many facts, including the damning, “They got us email,’ by Kerri Agee to her staff. Another key piece of evidence was the testimony of eleven lies in one email to SBA by banc-serv about a guarantee purchase demand kit.
Unique to the trial was the inclusion of non-C suite employees caught up in the fraud. Those guilty verdicts are a clear signal to the industry that liability does not stop at the senior manager level, but can and will trickle down to employees who repeatedly lie to the SBA.