Posts Tagged ‘small business loan’
Mug Shot Monday – $14 Million Loan Fraud over 17 Years Run is Over
February 10, 2014 By Bob Coleman Editor, Coleman Report A KeyBank loan officer from Maine who ran a sophisticated multi-million loan fraud during the course of his career is heading to prison. Scott Fox started his scam in 1995 by using the identities of others to fund his side boating supply business, a house for…
Read MoreFraud Friday – Frank Dinsmore’s $6 Million Payday
February 7, 2014 By Bob Coleman Editor, Coleman Report Okay, okay, I start with all the usual “alleged statements” caveat, and the “everyone is presumed innocent” statement, but SBA is certainly not using those terms in their 44 page enforcement action seizing SEM Resource Capital’s license and 504 loan portfolio. SBA uses terms as “substantial…
Read MoreColeman Thursday’s Movers and Shakers
February 6, 2014 By Bob Coleman Editor, Coleman Report Industry Mourns Passing of SBA Legislative Giant, Tom Powers By Jim Baird Past Chair, NADCO Our industry and our nation’s small businesses have lost a true champion with the passing of Tom Powers. Tom came to Washington in 1971 after receiving law degrees from both Drake…
Read MoreSBA Revokes License, Seizes 504 Loan Portfolio of Michigan-based SEM Resource Capital
February 5, 2014 By Bob Coleman Editor, Coleman Report “A formal enforcement action is warranted because the record demonstrates that there are significant problems in SEM’s systems or controls, substantial law violations, serious compliance problems, and serious reporting failures.” “Substantial law violations.” That’s a very serious statement by SBA in their 44 page enforcement order…
Read MoreHow to Prepare the SBA 7(a) Liquidation Plan and Perform the Site Visit
Thursday , February 20, 2014 How to Prepare the SBA 7(a) Liquidation Plan and Perform the Site Visit Price: $289.00 2:00 p.m. to 3:15 p.m. Eastern 1:00 p.m. to 2:15 p.m. Central 12:00 p.m. to 1:15 p.m. Mountain 11:00 a.m. to 12:15 p.m. Pacific Complimentary Coleman Report Live! News Show with Bob Coleman from 1:50…
Read MoreSBA pay decreased, retirement rate is high, according to GAO study
February 4, 2014 By NADCO Small business gets significant lip service on both side of the aisle as a top economic policy priority, but the federal agency charged with supporting Main Street hasn’t received the resources of other agencies when it comes to employee compensation and other workforce support. According to a new report by…
Read MoreMug Shot Monday – Two Flee to Israel in $33 Million Loan Fraud
February 3, 2014 By Bob Coleman Editor, Coleman Report Southern California based electronic wholesales New Electronic and Tech Club sure looked good on paper. Profits were good, a strong AR and inventory borrowing base, supported by tax returns with both companies run by pillars of the community. Sadly, it was all a sham. Seems all…
Read MoreFraud Friday – Wisconsin Community Bank President Gets 30 Days for Fudging the Bank’s Legal Lending Limit
January 31, 2014 By Bob Coleman Editor, Coleman Report A community bank borrower had reached its legal lending limit with Wisconsin-based Community Bank & Trust. Trying to help the borrower, the bank president exercised very poor judgment, and bank fraud, by asking other bank customers to draw down on their lines of credit to pay…
Read MoreThe Emerging SBA REAL 504 Secondary Market – Are You Ready to Cash in?
Rescheduled for Thursday , March 13, 2014 The Emerging SBA REAL 504 Secondary Market – Are You Ready to Cash in? Price: $289.00 2:00 p.m. to 3:15 p.m. Eastern 1:00 p.m. to 2:15 p.m. Central 12:00 p.m. to 1:15 p.m. Mountain 11:00 a.m. to 12:15 p.m. Pacific Complimentary Coleman Report Live! News Show with Bob…
Read MoreColeman Thursday’s Movers & Shakers
January 30, 2014 By Bob Coleman Editor, Coleman Report Jeanne Hulit to Join Northeast Bank “I am thrilled and excited for this opportunity,” said Hulit. “Northeast Bank is a well-respected, growing community bank in New England and I will make sure our customers in Maine get the care and quality they have come to expect…
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