Owner of Southern Funding Mortgage Faces Fraud Charges
August 3, 2009
Total Loss:
$4 million
The owner of Southern Funding Mortgage, which closed in April, appeared in federal court in Alexandria, LA Thursday morning to face charges of carrying out a scheme that defrauded Sabine State Bank of more than half a million dollars. The debt owed is nearly $4 million, according to the court records. The majority of that debt is owed to Sabine. Sabine State Bank has a claim of more than $3 million against Nichols, claiming that a number of the loan packages provided by Nichols and Southern Funding contained promissory notes with forged signatures of the borrowers and the notary. They cite 26 specific loans.
Source:
The Town Talk
Posted in:
Internal Fraud