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CEO of financial firm facing federal charges for fraud

Dec 29, 2015 | 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

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