Items Tagged with 'Bank fraud'


  • SEC, FBI reportedly investigating Live Well Financial collapse

    Creditors' court documents say authorities are looking into defunct lender and its CEO
    Trouble continues to brew for Live Well Financial, the forward and reverse mortgage lender that unexpectedly went bust last month, as court documents reveal that authorities are looking into the lender. According to documents filed by Live Well’s creditors, the SEC, the U.S. Attorney's Office in the Southern District of New York, and the FBI’s Bank Fraud Division have all been poking around for information on Live Well’s dealings.
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  • Former JPMorgan Chase banker jailed for selling customers’ confidential information

    Peter Persaud gets four years in prison
    A former personal banker at JPMorgan Chase will spend the next four years in jail after admitting in court that he stole and sold customers’ confidential information. According to authorities, the scheme was discovered when the banker sold sensitive customer information to a confidential informant, and later to an undercover law enforcement officer.
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  • Texas attorney pleads guilty to $5M mortgage fraud scheme

    Kirk Brannan pleaded guilty to bank fraud in four-year scheme to defraud Wells Fargo, other lenders
    This week, a Lake Jackson, Texas-based real estate and tax attorney pleaded guilty to taking part in a $5.3 million bank fraud scheme involving expensive beach homes in the cities of Freeport and Surfside Beach, Texas.
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  • Paul Manafort now facing raft of bank, mortgage fraud charges

    Investigation leads to more charges against former Trump campaign manager
    Paul Manafort, who served as President Donald Trump’s campaign manager for five months in 2016, is now facing a number of bank and mortgage fraud charges as DOJ special counsel Robert Mueller’s investigation digs deeper into Manafort’s past. From the indictment: “Manafort and Gates fraudulently secured more than twenty million dollars in loans by falsely inflating Manafort’s and his company’s income and by failing to disclose existing debt in order to qualify for the loans.”
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  • Former GulfSouth Private Bank president gets 5 years in prison for bank fraud

    Bank received $7.5M in TARP funds, but still failed
    The former president of a failed bank will spend more than the next five years in prison after being convicted of perpetrating a bank fraud scheme that involved covering up mortgage loans that were in default. In part due to that deception, GulfSouth Private Bank received $7.5 million in federal Troubled Asset Relief Program, but the bank failed anyway.
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  • Co-Owner of mortgage company sent to prison

    Fraudulent activity caused millions in losses
    Lester Soto pled guilty to a large-scale mortgage fraud scheme. Today, the judge has announced his sentencing, and he is not the only one going to prison. Soto used help from loan officers and even attorneys in his scheme.
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  • Loan officer sent to federal prison for bank fraud

    Bank was recipient of TARP funds
    A former loan officer at a Kansas bank, which received funds from the government as part of the Trouble Asset Relief Program, will spend the next six months in federal prison after pleading guilty to one count of bank fraud.
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