Developer arrested in fraud case
October 13, 2009
Total Loss:
$10 million
The FBI arrested a San Antonio developer Friday on charges that he fraudulently received $10 million in bank loans for a South Side residential project near the Toyota plant and another north of Helotes and instead used some of the money on other construction projects or for personal expenses. Mauro T. Padilla III, 55, was released later on an unsecured bond after pleading not guilty in federal court to three counts of bank fraud and three counts of making false statements to financial institutions. A federal indictment returned Wednesday said he got loans of $8.2 million from First National Bank and another $1.8 million from San Antonio National Bank through fraud.
Source:
San Antonio Express News
Posted in:
Internal Fraud