Posts tagged "bank fraud"

Two Businessmen Obtain Up $190 Million Through Fraud

Mark Anstett, of Lake Forest, IL, was the president and co-owner of Equipment Acquisition Resources (EAR), which allegedly made semiconductor wafers and refurbished machinery used to make semiconductors work. George Ferguson, of Carlisle, PA, was the owner and president of former Machine Tools Direct (MTD) of Carlisle, PA. These two men were recently charged by the U.S. Attorney's Office for the Northern District of Illinois with allegedly engaging in a scheme to fraudulently obtain approximately $190 million from banks and financing companies. The two men used their businesses as the main source of the scheme.

Couple Faces 30 Years for $15 Million Bank Fraud

Darryl Burke first entered the federal system in the 1990s when he pleaded guilty to a prior bank fraud conspiracy with his brother. Now, 25 years later, Burke faces 30 years in prison if convicted of the new charges against him. However, the scheme behind these new charges is not so new. In fact, the current allegations against Burke involve conduct and deception that is identical to the original crime Burke admitted to in the 1990s.

Banker Involved In Wire Fraud Rises From the Dead

Aubrey Lee Price, a banker wanted for $21 million wire fraud, was arrested in south Georgia. The banker had fooled many into thinking he had committed suicide in 2012 after he told family he was planning on jumping from a boat in the Florida Keys. The banker was pulled over for having illegal window tint and was subsequently arrested. He has pleaded not guilty to federal bank fraud charges.

Seven Florida Residents Involved With Mortgage Fraud Scheme

Seven Florida residents have been arrested on multiple charges in a mortgage fraud scheme involving a development in North Carolina. The defendants are being accused of using fraudulent loan applications to get construction mortgages. The loans were valued at almost $50 million and were made by Bank of America, SunTrust, Wachovia, and Regions Bank. Each of the defendants face a maximum sentence of 30 years in prison and $1 million fine.

High Court to Decide If Intent Required in Bank Fraud Convictions

The U.S. Supreme Court recently agreed to resolve a split among the federal appellate circuits about whether a defendant can be convicted of bank fraud even when he never intended to defraud a bank and no bank stood any chance of being harmed. Should any financial scam be considered federal bank fraud if the money would be processed through a bank?

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