SBA Loan Fraud | Coleman Report

Fraud 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…

Fraud Friday — SBA 7(a) Loan Broker Indicted for Bribing La Jolla Bank SBA Manager

August 13, 2015 By Bob Coleman Editor, Coleman Report Last week, San Diego-based loan broker Jocelyn Brown was arrested on three counts of bank fraud for bribing an unnamed SBA manager of FDIC-seized La Jolla Bank. The FBI says Jocelyn and the SBA manager made a deal where Jocelyn would pay a portion of her…

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,…

Fraud 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…

Two 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…

Fraud 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…

Fraud 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…

Fraud 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…

Small 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…

Fraud 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…