The man submitted false loan applications in 2006 and 2007 to secure money to purchase two Los Angeles car washes. He also purchased a gas station in Santa Paula.
Investigators say that the loan applications included false information and identified fake assets to support his loan request. Authorities charged the man with bank fraud in 2014, but he fled the country shortly thereafter. He returned to the United States in 2016 and surrendered himself to officials from the Department of Justice.
The bank that made a total of $11 million in loans failed in 2009. According to the Department of Justice, the fraudulent loans played a significant role in the bank’s demise. Authorities also charged a former bank officer with fraud. Investigators say the bank officer knew the loan applications were fraudulent, but he allowed the bank to make the loans.
In addition to a 57-month prison sentence, the judge also ordered the man to pay $5.7 million in restitution.
Thousand Oaks fraud lawyer
Making false statements on a loan application is a federal offense. As with this case, false statements can lead to charges of fraud. When you face fraud charges, hire an experienced fraud lawyer like Robert Helfend.
Mr. Helfend has more than 30 years of criminal defense experience. He takes federal cases in any circuit in the United States. He also takes state cases in Southern California districts.
His first priority will be to get the charges against you reduced or dropped. When that’s not possible, he will work toward the best possible outcome for your case. Federal cases are serious and require an experienced, well-prepared defense. Don’t risk your freedom on inexperience, and don’t assume that there’s nothing you can do to defend yourself.
Contact Robert Helfend or call toll-free at (800) 834-6434, (805) 273-5611, (310) 456-3317 or (818) 591-2809 for an immediate consultation on your Ventura fraud case.
Photo Credit: caltex98, via Flickr.com