Bank fraud conspirator hit with FDIC order
June 28, 2009
Total Loss:
$100 Million
Federal banking regulators have ordered Philip Coon, the man who helped mastermind a scheme to defraud borrowers of the former Coast Bank, to have nothing to do with other people's money ever again.He conspired with John Robert Miller, who owned a mortgage company in Tampa called American Mortgage Link. Coon, who oversaw residential loans at Coast Bank, aggressively grew mortgages on homes that were mostly built by a sole developer who later claimed bankruptcy. The fraudulent dealings on the part of Coon and Miller, who also awaits sentencing, contributed to the bank incurring more than $100 million in bad loans — some made to borrowers whose homes were never even started.
Source:
Bradenton Herald
Posted in:
Internal Fraud