Posts Tagged ‘Nik Patel’
Fraud Friday — Nik Patel’s 25-Year Fraud Sentence Upheld
April 19, 2019 By Bob Coleman Editor, Fraud Friday Fraud Friday — Nik Patel’s 25-Year Fraud Sentence Upheld The 7th U.S. Circuit Court of Appeals has rejected a bid to reduce the 25-year sentence of the founder of a failed Orlando non-bank lender for his role in defrauding a Milwaukee investment firm of $179 million…
Read MoreMug Shot Monday — Nik Patel’s Two-Year old Quotes Hint at Fraud?
June 1, 2015 By Bob Coleman Editor, Mug Shot Monday “I used my money first.” “From the debt side, we’re finding it very easily. We’re able to find a debt financing piece of these purchases, and we’ll be looking for an equity partner soon.” “‘For the most part, it’s been smooth sailing.” All are quotes…
Read MoreFraud Friday — Pennant Management Closure Attributed to Nik Patel Fraud
May 29, 2015 By Bob Coleman Editor, Fraud Friday The Milwaukee Journal Sentinel reports more fallout from the Nik Patel, $180 million USDA B&I loan fraud. The investment company that purchased the loans from Nik Patel’s company, First Farmers Financial, and sold them primarily to Illinois municipalities as “safe” investments has padlocked its doors. The…
Read MoreFraud Friday — Auction.com to Sell Nik Patel Hotel Properties
May 15, 2015 By Bob Coleman Editor, Fraud Friday Five Nik Patel hotel properties are being sold by auction.com in July. Nik was arrested last October on fraud charges involving $180 million of bogus USDA b&i loans — allegedly. The hotels are: · The DoubleTree by Hilton Orlando East, a 246-room full-service hotel located near…
Read MoreFraud Friday — Nik Patel’s Former Home Sells at 27% Discount for $3.25 Million
April 17, 2015 By Bob Coleman Editor, Fraud Friday Accused of a $150 million fraud in fake USDA B&I loans, Nik Patel is voluntarily selling all of his assets through a receiver to help Pennant Management recoup some of the funds. After selling five hotels for $87 million, the mansion Nik bought in November 2013…
Read MoreMug Shot Monday — Fallout From Nik Patel Fraud Grows
December 1, 2014 By Bob Coleman Editor, Coleman Report I earlier reported an investment fund for Illinois cities has been hit to the tune of $50 million, with many cities adversely affected by the alleged $179 million loan USDA fraud by First Farmer’s Nik Patel. A number of banks have an exposure also. Harvard Savings…
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,…
Read MoreMug Shot Monday – Nik Patel Fraud Has Political Ramifications in the State of Florida
October 6, 2014 By Bob Coleman Editor, Coleman Report The arrest last week of Nik Patel on charges of selling bogus USDA business and industry loans to the secondary market has created waves in the Florida governor election. Nik had hosted a fundraiser at his house earning incumbent Republican governor Rick Scott $100,000. Democrats are…
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