Posts Tagged ‘fraud’

September 29, 2014 By Bob Coleman Editor, Coleman Report Over 20 small businesses were ripped off by a Connecticut loan broker alleges the feds. Todays perp, who already has spent 41 months in jail for bank fraud and money laundering, originally used the address of an abandoned building in Dayton Ohio to transact his business.…

September 22, 2014 By Bob Coleman Editor, Coleman Report Thought Selim Zherka says the feds. According to his Indictment, from November 2005 through 2008, Zherka obtained loans totaling more than $146 million in loans from three banks – North Fork Bank (now Capital One), Sovereign Bank (now Santander), and Signature Bank – for the purchase…

September 15, 2014 By Bob Coleman Editor, Coleman Report Or, use your neighbor’s house as collateral for a c-store loan in Stover, Missouri. So sayeth the feds against Carol Noble who used the house next door for a $185,000 loan by Central Trust Bank in Jefferson City. Carol transposed the address in her loan application.…

September 8, 2014 By Bob Coleman Editor, Coleman Report Two Odessa oilfield services partners have been indicted for inflating account receivables sold to Commercial State Bank. According to the feds Shorts Electric had a Business Manager Reserve Account (BMRA) in which CSB would purchase, at a discount, Shorts Electric accounts receivable and transfer funds to…

August 25, 2014 By Bob Coleman Editor, Coleman Report “SIGTARP special agents, along with agents from DOL-OIG and the FBI, arrested Wood, after our criminal investigation with law enforcement partners uncovered the fraud alleged in the indictment against TARP recipient Farmers Bank & Trust,” says SIGTARP (Special Inspector General for TARP.) “Prior to and during…

August 18, 2014 By Bob Coleman Editor, Coleman Report The son of a powerful member of the House’s Appropriations committee is facing 411 years in prison and $13 million in fines for a series of loan transactions that left a number of banks writing off their loans. The indictment alleges those conned are Citizens Bank…

August 4, 2014 By Bob Coleman Editor, Coleman Report Danny Ray Butler faked the equity injection of a grocery store he built in Tuscaloosa, Alabama and ripped off SBA for $1.7 million when his SBA 504 loan failed. “This defendant proved himself to be a prolific schemer,” Assistant U.S. Attorney George Martin said. “He counterfeited…

July 28,2014 By Bob Coleman Editor, Coleman Report When short of cash, Bobby Gene Loggins’ meat products company would “sell” product to a customer, who in turn would “sell” the same product back to him at a markup – a practice known as invoice swapping. The problem is these were sham paper transactions. No product…

July 21, 2014 By Bob Coleman Editor, Coleman Report This one is a head scratcher. On the surface, the fraud doesn’t make any sense. Today’s alleged perp didn’t benefit monetarily, and threw away a 17-year tenure as the credit union president for a half million fraud – that benefited others. The ex-president of Tazewell County…

July 7, 2014 By Bob Coleman Editor, Coleman Report Walter Fox was making a cool $100,000 as a BDO for Key Bank in Maine before he abruptly resigned in September 2012, emailing his supervisor, “This isn’t fun anymore. As of today, I resign.” In a failed attempt to have his sentence reduced, his attorney provided…