Man Admits to Loan Scam
August 12, 2009
Total Loss:
$724,000
A 56-year-old Minnetonka, MN man has admitted to participating in a real-estate loan scam involving several million dollars. From March 2003 to September 2003, as president and sole owner of U.S. Equities of Minnesota, he entered into 21 real estate loans with Associated Bank. Co-defendant Eric Richard Krahnke, 51, of Ramsey, a construction loan officer at the bank, processed and approved the loans totaling more than $4 million. Krahnke's case is still pending. Striker admitted that those loans were approved based on bogus information that he supplied. He also admitted giving his co-defendant a Rolex watch, worth several thousand dollars, for his services.
Source:
Star Tribune
Posted in:
Internal Fraud