Posts Tagged ‘small business loan’
Fraud Friday – Bank CEO Indicted for Fraudulent SBA Loan
December 6, 2013 By Bob Coleman Editor, Coleman Report An Arkansas community bank CEO was indicted on 11 counts of bank fraud in connection with a SBA disaster loan. John Stacks also owns Mountain Pure, a water bottling plant. After a tornado struck the area in 2008, the company received a $700,000 SBA disaster loan.…
Read MoreMug Shot Monday – $29,000 in Kickbacks to a Loan Officer Earns him 18 Months in Jail for $4 Million Fraud
December 2, 2013 Bob Coleman Editor Coleman Report That works out to be $1600 a month, or $9 an hour. Says the FBI, “Ross Franco of Midland was sentenced to 18 months in federal prison for his role in a loan scheme in which a Midland credit union sustained losses in excess of $4 million.…
Read MoreFraud Friday – Former Credit Union CEO Faces 4 Felony Counts for $88,000 Fraud
November 29, 2013 Bob Coleman Editor Coleman Report In a week that saw the Feds asking a judge to add a Wells Fargo banker to their civil lawsuit, not criminal, civil lawsuit, for his “critical role” in hiding $189 million worth of fraudulent home loans, we note this four county felony criminal indictment out of…
Read MoreColeman Thursday’s Movers and Shakers – Thanksgiving Edition
November 27, 2013 Bob Coleman Editor Coleman Report Nevada State Development Corporation Promotes Yolie Kelley To Marketing/It Manager “In 2013, business relationships are built on Facebook as often as a handshake,” said Debra Alexandre, president of Nevada State Development Corporation. “Websites, newsletters, and other digital social tools have taken over in modern commerce and you…
Read MoreDoes Small Business Saturday Help Main Street or American Express?
November 26, 2013 By Bob Coleman Editor, Coleman Report I confess, I’ve heard about “Small Business Saturday,” the Saturday after Black Friday, that encourages everyone to shop locally, but haven’t paid too much attention about the coverage. Did you know the day started only three years ago as a marketing campaign by American Express? It’s…
Read MoreMug Shot Monday — Community Banker who Aided FBI Gets One Year House Arrest, Five Years Probation
November 25, 2013 By Bob Coleman Editor, Coleman Report In a trial that saw the ex-president of failed Bank of Commonwealth get 23 years for bank fraud, a banker that cooperated with the FBI and testified for the prosecution was sentenced to no jail time. He received a one year house arrest, five years probation…
Read MoreFraud Friday – Man with Net Worth of $169 Million Never Makes Payment on $1.5 Million Credit Line
November 22, 2013 By Bob Coleman Editor Coleman Report Well, his personal financial statement said he was worth $169 million. Arkansas-based OneBanc approved a $1.5 million line of credit to to the owner of patents for technology related to a more efficient combustion engine. Says the FBI, “Alberto Solaroli falsified the nature and scope…
Read MoreSBA 504 Refinance Update
November 22, 2013 by Bob Coleman Editor Coleman Report Watch our special Coleman Report Live! event with Beth Solomon, Executive Director, NADCO http://www.youtube.com/watch?v=1YKN-Lepxbs&feature=youtu.be
Read MoreColeman Thursday’s Movers and Shakers
November 21, 2013 by Bob Coleman Editor Coleman Report Kurt Chilcott, Sherrill Stockton Reelected to NAGGL Congratulations to Kurt and Sherrill for their reelection to the NAGGL board of directors, a trade group of SBA 7(a) lendrs. Read about Kurt here Read about Sherrill here First Niagara Names John Kenefick, Senior…
Read MoreMerchant Cash Advance Lenders – Payday Loans for Small Business?
November 20, 2013 By Bob Coleman Editor, Coleman Report New York Times blogger and friend, Ami Kassar, continues to preach about the perils of high cost merchant cash advance loans. Typically in the $25,000 range, these loans are paid back with daily debit hits to the small business owner’s checking account. With interest rates approaching…
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