Posts Tagged ‘Fraud Friday’
Fraud Friday — Bank COO Gets 8 Years for Hiding Loan Losses
September 4, 2015 By Bob Coleman Editor, Fraud Friday Fraud Friday — Bank COO Gets 8 Years for Hiding Loan Losses On Wednesday, the former Chief Operating Officer of San Francisco-based United Commercial Bank, Ebrahim Shabudin was sentenced to 97 months in prison. He was found guilty on seven counts of bank fraud after a…
Read MoreFraud Friday Special Report — SBA, DOJ Announce Settlement with Frank Dinsmore, EDF Resource Capital for $6 Million
August 28, 2015 Fraud Friday Special Report — SBA, DOJ Announce Settlement with Frank Dinsmore, EDF Resource Capital for $6 Million EDF RESOURCE CAPITAL INC. AND CEO TO PAY $6 MILLION FOR ALLEGED VIOLATIONS RELATED TO SMALL BUSINESS ADMININSTRATION LOAN PROGRAM WASHINGTON – EDF Resource Capital Inc. and its CEO, Frank Dinsmore, have agreed to…
Read MoreFraud Friday — The Stolen Valor, Photoshopped Bank Fraud Criminal gets 33 Months
August 28, 2015 By Bob Coleman Editor, Fraud Friday Convicted of bank fraud and claiming fake military medals, Charles Bailey previously told Newburyport Five Cent Savings Bank he had served with the Marine Corps in Afghanistan and Iraq for nine years, receiving a Silver Star, a Purple Heart and a Combat Action Ribbon. He lied…
Read MoreFraud Friday — Manipulative Borrower gets 18 Months for $736,000 Bank Fraud
August 21, 2015 By Bob Coleman Editor, Fraud Friday “Grady Fricks used his connection with a bank insider to obtain a fraudulently inflated loan. Fricks’ ability to manipulate people to further his scheme left the bank and its stockholders shouldering the loss,” says the US Attorney. Who did he manipulate? D.N, a Senior Vice President…
Read MoreFraud Friday — The Three Warning Signs of Bank Fraud
July 31, 2015 By Bob Coleman Editor, Fraud Friday Fraud Friday — The Three Warning Signs of Bank Fraud Christmas has come early for you fraud junkies. SIGTARP has issued her 584 page quarterly status report to Congress. Some like to binge Netflix’s releases — some, like me, love to binge read this fraud stuff.…
Read MoreFraud Friday — Bank of Oswego’s First Guilty Plea
July 24, 2015 By Bob Coleman Editor, Fraud Friday Following last month’s arrest of the former CEO and CFO of Bank of Oswego, the chief BDO and rainmaker of the bank pled guilty Wednesday for his role in cooking the books for the regulators. During the recession, the Portland, Oregon suburban bank was an outlier.…
Read MoreFraud Friday — SIGTARP Files False Claims Act Clawback from the Grave
July 17, 2015 By Bob Coleman Editor, Fraud Friday In the same week former Attorney General Eric Holder told the Financial Times that record fines on banks were a better solution than “trying to make examples out of people,” TARP’s Special Inspector General continues to indict community bankers from failed institutions from the Great Recession.…
Read MoreFraud Friday — SBA Equity Injection Docs Selling on Craigslist for $95
July 10, 2015 By Bob Coleman Editor, Fraud Friday Next time you verify equity injection from a paper bank statement, be careful. You can buy a bank statement on Craig’s List from a variety of vendors for $95. Or, need a pay stub — only $35. And that includes verification, however that works! A social…
Read MoreFraud Friday — Small Business Lenders must be Consultants While Lending
June 26, 2015 By Bob Coleman Editor, fraud Friday A true story. A fellow publisher friend of mine who is successful in another publishing niche — advising college administrators how to handle microaggressions and sexual assault issues, changed his payroll processing company from ADP to a start-up payroll company in his hometown. They promised the…
Read MoreFraud Friday — Oklahoma Community Bank President Indicted on 15 Fraud Counts
June 19, 2015 By Bob Coleman Editor, Fraud Friday First State Bank of Altus’ Paul Doughty was charged with bank fraud six years after the failure of his family owned bank in 2009. As President and Chairman Doughty’s loan approval limit was capped at $500,000. The feds allege he and a partner were heavily invested…
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