SBA Inspector General Leftovers From Last Year
While the SBA’s Inspector General piously pontificates about supposed rampant SBA lender malfeasance, incompetence, and unjust 7(a) guaranty payments, we note with much sarcasm the overdue release of the summary of its monthly activities. In the last week of December, the OIG finally reported what it did in September, October and November, combining them into one report.
That being said, there are always facepalm tidbits that defy explanation.
Here’s one about a potential borrower that didn’t believe the bank would actually send that 4506 to the IRS.
“On October 30, 2012, an Alabama man was indicted on five counts of wire fraud; five counts of false statements to the SBA; three counts of false statements on loan and credit applications, and one count of money laundering. The allegations charge that the man failed to file corporate personal tax returns from 2002 through 2009. He is also alleged to have provided false and unfiled tax returns to a bank to secure an SBA-guaranteed $300,000 line of credit.”