Bank Executive and Two Others Sentenced for Roles in Mortgage Fraud Scheme Involving Luxury Homes
April 7, 2011
Total Loss:
$6 Million
Terrence J. Monahan Jr., 36, of Cincinnati, a bank executive who ran the Exclusive Capital Management group at Huntington National Bank and participated in a loan fraud scheme in order to sell his Maineville house, was sentenced April 1 to 18 months in prison, fined $5,000 and ordered to pay $264,000 in restitution. Monahan pleaded guilty on October 28, 2010 to one count of making false statements on documents submitted to the U.S. Department of Housing and Urban Development (HUD).
Source:
FBI
Posted in:
Internal Fraud