Posts Tagged ‘USDA Loan Fraud’
Fraud 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 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 MoreFraud Friday – Feds Claim $179 Million USDA B&I Loan Fraud, Arrest First Farmer Financial’s Nik Patel
October 3, 2014 By Bob Coleman Editor, Coleman Report Business Loan Express’ Patrick Harrington’s $30 million loan fraud conviction was based on creating a lot of fake paperwork and recruiting straw buyers to get an SBA loan approval number, and then selling the note to the secondary market. That seemed like a lot of work…
Read More