Former Bank Officials, SBA Bank Manager Among 16 Defendants Indicted in $10 Million Scheme
February 22, 2010
Total Loss:
$10 million
Two former bank vice presidents and the former branch manager of the Small Business Administration's office in Springfield are among 16 defendants who have been indicted in five separate but related cases for their involvement in a bank fraud scheme that took advantage of business loans guaranteed by the Small Business Administration. According to the indictments, the bank fraud scheme involved at least 31 fraudulent business loans, ranging from $100,000 to $1.6 million, issued by Mid-America Bank and Trust Company (MABTC) in Pulaski County, Mo., between January 2005 and January 2007. The fraudulent loans cited in the indictments total more than $10.1 million.
Source:
FBI
Posted in:
Internal Fraud