Mug Shot Monday — Fallout From Nik Patel Fraud Grows
December 1, 2014
By Bob Coleman
Editor, Coleman Report
I earlier reported an investment fund for Illinois cities has been hit to the tune of $50 million, with many cities adversely affected by the alleged $179 million loan USDA fraud by First Farmer’s Nik Patel.
A number of banks have an exposure also.
Harvard Savings Bank in Harvard, Illinois has reserved a $8.5 million loss against an $18.1 million investment.
Blackhawk Bank is facing a $1.6 million loss, wiping out its third quarter profit of $1.2 million.
The receiver is in the process of selling a number of hotel properties owned or controlled by Nik Patel.
Now add a fine Orlando eatery to the list.
Orlando Sentinel’s Paul Brinkman reports Mingo’s has closed its doors,
Ironically, the website says, “ Our steaks are cut in-house using USDA choice Angus beef and our seafood is caught by local day boats or selected as the freshest available.”