Mug Shot Monday — Fallout From Nik Patel Fraud Grows

December 1, 2014

By Bob Coleman
Editor, Coleman Report

mingosI 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.”