August 4, 2021

By Bob Coleman
Publisher, Coleman Report
Joseph Coleman
Contributing Editor, Coleman Report

ALL FIVE banc-serv Defendants Guilty of SBA LOAN FRAUD

KERRI AGEE Mugshot, Hamilton County, Indiana – 2017-09-03 18:18:00 BWI-BAC .08% or Higher

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.

Join Us at 1pm ET for Coleman Report Live! to discuss the GUILTY VERDICT.