Posts Tagged ‘Bank Fraud’
Mug Shot Monday — 3 ½ Years for Community Bank Special Asset VP
May 4, 2015 By Bob Coleman Editor, Mug Shot Monday After being convicted in January of bank fraud, Rusty Beamon learned today he will spend 3 ½ years in jail. Rusty Beamon was a vice president at Appalachian Community Bank in Georgia and was in charge of the bank’s foreclosed real estate assets. In 2009,…
Read MoreMug Shot Monday — SBA Borrower Pleads Guilty for $1.7 Million Fraudulent (Photoshopped Docs) Biz Aq Loan
April 27, 2015 By Bob Coleman Editor, Mug Shot Monday In 2009, Stewart Harris applied for $1.7 million SBA loan to purchase a commercial glass company. To secure the loan, Harris submitted a loan application and purported tax returns in which he falsely represented the social security number of another individual. He also submitted photoshopped…
Read MoreFraud Friday — Jade Capital Sponsored Borrower Gets 51 Months for Loan Fraud
April 24, 2015 By Bob Coleman Editor, Fraud Friday Randy Tran created R&K Real Estate Investment, Inc. to buy Potomac Wine & Spirits, a liquor store in Hagerstown, Maryland. Tran was the majority and controlling owner of R& K, and another individual owned a minority interest. In May 2006, Tran and the minority shareholder signed…
Read MoreMug Shot Monday — Borrower Pleads Guilty to Money Laundering, Bank Fraud Charge Dismissed
April 20, 2015 By Bob Coleman Editor, Mug Shot Monday As we wrote one year ago, the patent holder of a “pseudo adiabatic engine” was living the good life in Florida with his $169 million net worth. What is a “pseudo adiabatic engine?” Well, it’s pretty cool technology. It will get you twice the fuel…
Read MoreGuilty Plea for SoCal businessman in $6 million SBA Loan Fraud
July 25, 2014 By Bob Coleman Editor, Coleman Report “Attempts to use SBA’s 7(a) loan program as a personal checking account will be met with the full force of the U.S. justice system,” says SBA Inspector General Peggy E. Gustafson. “Together with our law enforcement partners, the OIG will continue to ensure those who commit…
Read MoreFraud Friday – Another Wilmington Trust Banker Indicted
July 18, 2014 By Bob Coleman Editor, Coleman Report Peter Hayes joins fellow Wilmington Trust alums caught in the crosshairs of SIGTARP prosecutions. SIGTARP’s (Special Inspector General for the Troubled Asset Relief Program) specialty is to jail community bankers who’s malfeasance contributed to loan losses to their institution, thus creating TARP investment losses. The 48…
Read MoreGeorgia banker who faked his death and went on the run for 18 months takes plea deal after allegedly embezzling $21m of his clients’ money
June 6, 2014 By Bob Coleman Editor, Coleman Report Says the Associated Press, Aubrey Lee Price faces 17 federal counts of bank fraud, each punishable by up to 30 years in prison and a $1 million fine A Florida judge declared Price dead at his wife’s request six months after he vanished ‘I created false…
Read MoreFraud Friday – TARP Inspector General Criminalizes Another Bad Small Business Loan Decision
April 4, 2014 By Bob Coleman Editor, Coleman Report The patent holder of a “pseudo adiabatic engine” was living the good life in Florida with his $169 million net worth. What is a “pseudo adiabatic engine?” Well, it’s pretty cool technology. It will get you twice the fuel efficiency of any car gasoline engine on…
Read MoreFraud Friday – Feds get Guilty Plea by Borrower for Lying to Banks, CDC and SBA
March 21, 2014 by Bob Coleman Editor, Coleman Report For three counts. Bay Area neighborhood grocery store owner Nimer Massis failed to disclose three Citibank defaulted lines of credit to Mission National Bank, One California Bank and a CDC, Capital Access Group. The following is from last year’s October indictment. Although a little dry, I’ve…
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