Loan Officers in NJ Banks Involved with 216 SBA Loan Frauds of Over $17 million
Loan Officers in NJ Banks Involved with 216 SBA Loan Frauds of Over $17 million
An ongoing OIG investigation into an organized group in New Jersey, which included loan officers at various banks, has found that the group obtained credit cards and loans from various lending institutions using false identities, documents and business names.
Analysis of financial records revealed that 216 SBA loans totaling approximately $17.359 million, had been dispersed in the loan scheme. The portion of this amount guaranteed by the SBA totaled $10.975 million. The scheme also involved 59 loans not guaranteed by the SBA.
Read More at OIG: http://www.sba.gov/office-of-inspector-general/866/156371
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