June 9, 2014
By Bob Coleman
Editor, Coleman Report
Michael Filmore sold medical equipment and needed a line of credit to finance the acquisition of equipment for his customers.
For collateral, he provided his stock statements listing millions of dollars in securities.
Photoshop strikes again.
The stock didn’t exist, and for that matter, neither did the medical equipment.
Our perp obtained at least 15 loans and more than $6 million in financing from Pulaski, and he currently owes Pulaski more than $5 million.
The Special Inspector General for the TARP program got involved when the community bank’s TARP $32.5 million investment was sold at a loss of $3.6 million.