PLEASE NOTE: To protect your safety in response to the threats of Covid-19, we are offering our clients the ability to meet with us in-person, via telephone, or through video conferencing. Please call our office to discuss your options.

FEDERAL AND STATE CRIMINAL DEFENSE ATTORNEYS
O'Brien Hatfield, PA GET YOUR FREE CASE REVIEW GET YOUR FREE CASE REVIEW Text Us Now
Tampa 813-345-4909 | En Español 813-390-2494
Orlando / Miami / West Palm Beach - 888-496-5916

CEO of financial firm facing federal charges for fraud

The chief executive of a financial firm will be fighting federal fraud charges that claim he sold $179 million dollars worth of sham loans to an out-of-state investment company. The chairman and CEO of the Orlando-based firm allegedly forged signatures as well as produced false documents in order to give the illusion that around 26 loans backed by the government had been issued to Florida, as well as Georgia-based, borrowers. When individuals are accused of fraud and facing federal charges, they typically choose to consult an experienced criminal defense attorney who is familiar with defending against these types of charges.

The sham loans were purported to have principal amounts that ranged from $2.5 million to around $10 million, according to the indictment. The man sold the alleged fraudulent loans to an out-of-state financial firm for around $179 million. The 32-year-old Windermere man is now facing five counts of wire fraud.

The U.S. Department of Agriculture's Business and Industry Guaranteed Loan Program guarantees a percentage of its loans to be issued to borrowers who seek to improve the economic as well as environmental aspects of rural communities. The man's firm obtained certification for participation in this program, but only after he allegedly submitted false statements regarding the company's assets and officers to the USDA. In order to secure the selling of the phony loans, the man supposedly submitted false statements to the financial firm located in Milwaukee.

Each of the wire fraud charges has a maximum penalty of 20 years spent in prison as well as a maximum fine no greater than $250,000. However, the man is presumed innocent and will be entitled to receive a fair trial in which the burden of actually proving his guilt beyond a reasonable doubt will rest with the government's prosecutors. When Florida residents are facing federal charges for fraud, they are strongly advised to consider consulting a seasoned federal criminal attorney.

Source: enewspf.com/, "CEO of Florida financial firm arraigned on fraud charges in $179 million sham loan scheme", Dec. 17, 2015

No Comments

Leave a comment
Comment Information
Mark J. O'Brien's cases have been featured in:
The New York Times | The Miami Herald | Bay News 9 | abc 7 | The Boston Globe | USA Today | Tampa Bay Times | FOX News Channel | The Washington Post | abc Good Morning America | Chicago Tribune | NT News Talk Florida | St. Petersburg Times | Deadspin
“Mark, thank you for everything. I will forever be indebted to you. You have stood by me and believed in me when it was not the popular thing to do. You are an amazing advocate.” Adam Filthaut
  • Former Partner at the Law Firm of Adams and Diaco (Robert Adams and Stephen Diaco)
  • MJ (Todd Schnitt) Morning Show/Bubba the Love Sponge Clem Trial
  • Attorney Phil Campbell DUI Setup/Florida Bar Trial
More Testimonials
American Association for Justice National Association of Criminal Defense Lawyers | NACDL 1958 Florida Association of Criminal Defense Lawyers | FACDL Super Lawyers AVVO | See Reviews LC | Lead Counsel Rated
Best Criminal
Defense Lawyers
in Orlando
2018