Posts Tagged ‘Fraud Friday’
Fraud Friday — SIGTARP’s Scorecard — 222 Indicted on Fraud Charges to Date
February 6, 2015 By Bob Coleman Editor, Coleman Report When Congress bailed out the banking system with its Troubled Asset Relief Program, it allocated funds for a Special Inspector General. Six years later, the investigation continues to snare primarily community bankers and their borrowers on multiple counts of fraud charges. As of December 31, 2014,…
Read MoreFraud Friday — Two Community Bankers Indicted on Equity Injection Fraud
January 23, 2015 By Bob Coleman Editor, Fraud Friday I have written numerous times of equity injection fraud where down payments mysteriously appear from borrowers who don’t have the financial resources — on paper. Seems the Chairman and CEO of a failed community bank in Pennsylvania tried to pull off a similar con to support…
Read MoreFraud Friday — Top Five Warning Signs
January 2, 2015 By Bob Coleman Editor, Fraud Friday To start off 2015 I want to take a step back and discuss the top five warning signs of bank fraud I have observed this past year. Photoshopped or fake documents. This is the number one fraud issue. Unfortunately, I can’t point to a warning sign.…
Read MoreTwo Texas Men Heading to Prison for Million Dollar SBA Loan Fraud
December 19, 2014 By Bob Coleman Editor, Coleman Report Afternoon Brief The conspiracy began in March 2008 when Ismail Mohammad agreed to buy Mohammed Yaseen’s Passport Inn Motel in Columbus, Texas for a price of $1.2 million. Mohammad obtained a SBA guaranteed loan from Westbound Bank in Houston which required he make a cash injection…
Read MoreFraud Friday — 75-Year-Old Ex-Community Bank CEO Gets 2 Years in Jail
December 5, 2014 By Bob Coleman Editor, Coleman Report The Oklahoma banker who testified against his borrowers on loan fraud charges will spend 2015 and 2016 in a federal prison the judge said. The strategy didn’t work out well for the prosecution for one case. After a three day trial in August the borrower, Victor…
Read MoreFraud Friday — James Ladio Gets Two Years
November 28, 2014 By Bob Coleman Editor, Coleman Report As we profiled in Mug Shot Monday, a disgraced Deleware community bank CEO would soon find out how much time he would be residing at his new federal pen digs. Special Inspector General Christy Romero announces, “Ladio, former president and chief executive officer of MidCoast Community…
Read MoreFraud Friday — SBA Borrower gets 6 ½ Years for Loan Fraud
November 21, 2014 By Bob Coleman Editor, Coleman Report Southern California SBA loan borrower Donald Goff string of fraudulent gasoline station financing schemes has netted him 6 ½ years in prison. In July, Donald Goff pled guilty to three felony counts—mail fraud, wire fraud and bank fraud—for leading a group of conspirators in a series…
Read MoreSmall Business Capital’s Mark Feathers Indicted on 29 Counts of Fraud
November 14, 2014 By Bob Coleman Editor, Coleman Report Two and a half years after the SEC seized non-bank SBA lender Small Business Capital, the other shoe has dropped with a 29 count federal indictment filed against Mark Feathers. According to the indictment Feathers is named as the sole defendant in all counts, including 17…
Read MoreFraud Friday – Bank Director who Faked Death Gets 30 Years
October 31, 2014 By Bob Coleman Editor, Coleman Report “Through a web of lies and deceit, Aubrey Lee Price conned his elderly investors and a federally insured bank of more than $70 million, and then attempted to further his con and avoid accountability by faking his own death. However, his life on the lam ended…
Read MoreFraud Friday – First Farmer’s Nik Patel’s Assets Frozen
October 10, 2014 By Bob Coleman Editor, Coleman Report A temporary restraining order freezing the assets of Nik Patel and his associated companies has been extended through October 14th. Nik was arrested last week on fraud charges for selling $150 million in bogus USDA b&i loan paper to the secondary market. The problem for Orlando,…
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