Posts Tagged ‘loan fraud scheme’

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…