Loan - Shore News Network

BBC chair made ‘errors of judgement’ over Boris Johnson loan, lawmakers say

ReutersFebruary 12, 20230

LONDON (Reuters) – BBC Chair Richard Sharp made “significant errors of judgement” in failing to declare his involvement in facilitating a loan for then-Prime Minister Boris Johnson shortly before he was appointed to the role, a committee of lawmakers said on Sunday. Sharp, a former Goldman Sachs banker, has said he introduced Sam Blyth, an old friend who wanted to help Johnson, to a government official in late 2020, but his involvement went no further. Blyth, who is a distant cousin of Johnson, went on to lend the former prime minister up to 800,000 pounds ($964,640), a media report has

Milwaukee Public Relations Firm to Pay $2.25 Million to Resolve Allegations It Wrongfully Received a Paycheck Protection Program Loan

DOJ PressOctober 13, 20220

Gregory J. Haanstad, United States Attorney for the Eastern District of Wisconsin, announced that on October 13, 2022, BVK, Inc., agreed to pay $2.25 million to settle a claim arising from its participation in the Small Business Administration’s second-draw Paycheck Protection Program (“PPP”) loan program. Congress created the PPP loan program in March 2020 in an effort to provide emergency financial assistance to Americans suffering from the economic effects of the COVID-19 pandemic. Under the PPP, eligible businesses could receive loans guaranteed by the SBA and, if the business spent the loan proceeds on qualified expenses, SBA would repay the

Somerset County Woman Admits $1 Million Paycheck Protection Program and Economic Injury Disaster Loan Fraud Scheme

DOJ PressSeptember 26, 20220

NEWARK, N.J. – A Somerset County, New Jersey, woman today admitted fraudulently obtaining over $1 million in federal Paycheck Protection Program (PPP) loans and Economic Injury Disaster Loans (EIDL), U.S. Attorney Philip R. Sellinger announced. Nivah Garcis, 51, of North Plainfield, New Jersey, pleaded guilty before U.S. District Judge Peter G. Sheridan in Trenton federal court to an information charging her with one count of conspiracy to commit bank fraud, three counts of wire fraud, and one count of money laundering. According to documents filed in this case and statements made in court: Garcis conspired with at least one individual

Somerset County Woman Admits $1 Million Paycheck Protection Program and Economic Injury Disaster Loan Fraud Scheme

DOJ PressSeptember 26, 20220

NEWARK, N.J. – A Somerset County, New Jersey, woman today admitted fraudulently obtaining over $1 million in federal Paycheck Protection Program (PPP) loans and Economic Injury Disaster Loans (EIDL), U.S. Attorney Philip R. Sellinger announced. Nivah Garcis, 51, of North Plainfield, New Jersey, pleaded guilty before U.S. District Judge Peter G. Sheridan in Trenton federal court to an information charging her with one count of conspiracy to commit bank fraud, three counts of wire fraud, and one count of money laundering. According to documents filed in this case and statements made in court: Garcis conspired with at least one individual

Baltimore Man Sentenced to Over Four Years in Federal Prison for Submitting Over $660,000 in Fraudulent Cares Act Loan Applications, a Wire Fraud Conspiracy And Aggravated Identity Theft

DOJ PressSeptember 16, 20220

Baltimore, Maryland – U.S. District Judge Deborah K. Chasanow sentenced Robert Hopkins IV, age 37, of Baltimore, Maryland to 51 months in federal prison, followed by 3 years of supervised release, for wire fraud conspiracy and aggravated identity theft charges relating to multiple identity theft and fraud schemes, including the submission of fraudulent CARES Act loan applications. Judge Chasanow also ordered Hopkins to pay $456,784.54 in restitution. The sentence was announced by United States Attorney for the District of Maryland Erek L. Barron Special Agent in Charge Bo Keane of the United States Secret Service – Baltimore Field Office and

St. Peters woman accused of $200,000 pandemic loan fraud

DOJ PressSeptember 1, 20220

ST. LOUIS – A grand jury on Wednesday indicted a woman from St. Peters, Missouri on charges accusing her of committing a $204,095 fraud involving a loan program intended for small businesses to continue to pay their employees during the pandemic. The indictment says that from June 2020 through April 2021, Trashunda M. Harrison, 36, submitted multiple applications for Paycheck Protection Program loans in the names of three businesses: The Quiet Space LLC, Blow LLC and StrutN 80s LLC, as well as in her own name as a sole proprietor. On the application, Harrison made false representations about the payroll and

Jury Convicts San Francisco Broker And Investor Victor Makras For Fraud In Real Estate Loan

DOJ PressAugust 26, 20220

SAN FRANCISCO – A federal jury today convicted Victor Makras, a prominent San Francisco real estate broker and investor, of making false statements to a bank and of bank fraud tied to fraudulent representations made in a mortgage refinance loan application, announced United States Attorney Stephanie M. Hinds, Federal Bureau of Investigation Special Agent in Charge Sean Ragan, and Internal Revenue Service-Criminal Investigation Special Agent in Charge Mark H. Pearson. The verdict follows a two-week trial before United States Chief District Judge Richard Seeborg. Victor Makras, 64, of San Francisco, was charged in a superseding indictment filed on May 31,

Mortgage Loan Officer and Real Estate Agents Charged in Mortgage Fraud Scheme in Central Valley

DOJ PressAugust 25, 20220

FRESNO, Calif. — A federal grand jury returned an indictment against German Antonio Lopez-Velasquez, 55, of Modesto; Marko Antonio Lopez, 27, of Modesto; and Lisa Marie Santos, 48, of Long Beach, charging them with bank fraud and conspiracy to commit bank fraud, U.S. Attorney Phillip A. Talbert announced. Lopez-Velasquez was also charged with witness tampering. He is alleged to have attempted to persuade an individual to make false statements to law enforcement officers regarding a mortgage loan under investigation. According to court documents, Lopez-Velasquez and Lopez, who were both real estate agents, worked with Santos, a mortgage loan officer, to obtain

Florida Man Charged with Fraudulently Obtaining $1 Million in Unemployment Benefits and COVID-19 Loan

DOJ PressAugust 25, 20220

NEWARK, N.J. – A Florida man was arrested for allegedly obtaining more than $1 million in government benefits, U.S. Attorney Philip R. Sellinger announced today. Michael Blanc, 33, of Miami, Florida, appeared by videoconference in Florida on Aug. 24, 2022, before U.S. Magistrate Judge Chris M. McAliley, who set bond at $250,000. According to the complaint: The Coronavirus Aid, Relief, and Economic Security (CARES) Act is a federal law designed to provide emergency financial assistance to Americans suffering the economic effects of the COVID-19 pandemic, including workers who are not ordinarily eligible for unemployment insurance benefits. The CARES Act also

Albuquerque man sentenced to more than 5 years in prison for auto loan fraud schemes exceeding $1.5 million

DOJ PressAugust 25, 20220

ALBUQUERQUE, N.M. – Alexander M.M. Uballez, United States Attorney for the District of New Mexico, announced today that Rick Benavidez, 47, of Albuquerque, was sentenced in federal court to five years and three months in prison for leading and organizing two auto loan fraud schemes involving a total intended loss of more than $1.5 million. Benavidez pleaded guilty on April 29 to two counts of bank fraud, one count of conspiracy to commit bank fraud and one count of making fraudulent returns, statements or other documents. In his plea agreement, Benavidez admitted to conspiring with his co-defendant, Damian Maron, 41,

Former JetBlue Employee Pleads Guilty to COVID-19 Loan Fraud

DOJ PressAugust 23, 20220

Earlier today, in federal court in Brooklyn, Keily Nunez, a former JetBlue Airways employee, pleaded guilty to conspiracy to commit wire fraud in connection with false statements Nunez made to obtain loans for himself and his coconspirators pursuant to the Economic Injury Disaster Loan (EIDL) program. Nunez and four coconspirators were charged in June 2021. Today’s proceeding was held before United States District Judge Raymond J. Dearie. In connection with the scheme, five other defendants previously pleaded guilty to conspiracy to commit wire fraud: Orlando Sanay, Michael Pimentel Veloz, Fanny Plasencia, Ramon Osvaldo Pena, and Angel K. Colon. In addition,

Barred Broker Dealer Charged with $1 Million Investment Scheme and Fraudulently Obtaining $96,000 Cares Act Loan

DOJ PressAugust 17, 20220

NEWARK, N.J. – A Monmouth County, New Jersey, man was charged today with defrauding victims in an investment fraud scheme out of at least $1 million, and with fraudulently obtaining a loan of approximately $96,000 meant to help small businesses during the COVID-19 pandemic, U.S. Attorney Philip R. Sellinger announced. Anthony Mastroianni Jr., 48, of Manalapan, New Jersey, charged in a five-count complaint with wire and mail fraud. He is scheduled to make his initial court appearance this afternoon before U.S. Magistrate Judge Michael A. Hammer in Newark federal court. According to documents filed in this case and statements made

St. Charles County man admits pandemic loan fraud

DOJ PressAugust 17, 20220

ST. LOUIS – A man from O’Fallon, Missouri on Wednesday admitted fraudulently obtaining a $54,900 loan meant to aid businesses affected by the coronavirus pandemic. David Smiley, 39, pleaded guilty in front of U.S. District Judge Ronnie L. White to a wire fraud charge. Smiley admitted that on July 8, 2020, he fraudulently sought and later obtained a $54,900 Economic Injury Disaster Loan through the federal Small Business Administration. Smiley lied about the existence of a company, falsified that company’s gross revenue and falsely claimed that 13 employees worked there, his plea agreement says. He also listed his personal checking

‘Conflict Of Interest’: Daily Caller Reporter Tells Tucker How Congress Could Benefit From Student Loan Forgiveness

The Daily CallerJuly 30, 20220

‘Conflict Of Interest’: Daily Caller Reporter Tells Tucker How Congress Could Benefit From Student Loan Forgiveness Harold Hutchison on July 29, 2022 A Daily Caller News Foundation reporter told Fox News host Tucker Carlson Friday evening that prominent congressional advocates of wiping out student loans owe thousands of dollars in college debt. “There’s more than a dozen Democratic members of Congress, according to a Daily Caller News Foundation review of financial disclosures, who not only owe up to $1.5 million in student loan debt or have reported that amount for themselves, or a spouse, or a child, but have supported

Turkey to forge on with selective loan policy despite backlash -sources

ReutersJuly 29, 20220

By Nevzat Devranoglu and Orhan Coskun ANKARA – Turkey will stick to policies that allow only net exporters to access cheap lira loans and may toughen rules further despite a backlash from companies as it works to support its ailing currency, according to three people familiar with the plan. The BDDK financial regulator, the central bank and other authorities acted in recent months to slow loan growth. However they excluded loans to net exporters that promise not to buy foreign currency until after the loans mature. Some companies criticised the regulations and the Istanbul Chamber of Industry (ISO) said they

Idaho Man Sentenced for Misusing National Health Service Corps Loan Repayment Funds

DOJ PressJuly 26, 20220

POCATELLO – Steven L. Young, an Idaho man already incarcerated in Utah on unrelated charges, was ordered to repay $63,192.96 and sentenced to 15 months (which he has already served), and three years of supervised release for theft of government funds. Young also settled a parallel civil matter after admitting to violating the False Claims Act. According to court records, Young was licensed as a physician assistant in Utah. He applied for and received a $50,000 payment as part of the National Health Service Corps Loan Repayment Program (NHSCLR), a program intended to recruit and retain healthcare professionals in eligible

Biden Admin Delays Fix For Broken Student Loan Program

The Daily CallerJuly 25, 20220

Biden Admin Delays Fix For Broken Student Loan Program Reagan Reese on July 25, 2022 The Department of Education (DOE) is delaying its plan to fix a student-loan forgiveness program that often failed to work as designed, according to Business Insider. The income-driven repayment (IDR) plan was created for low-income borrowers to have their loans forgiven after paying on them for 20 to 25 years, according to Business Insider, but was rarely successful. The DOE was working to revise the plan and release it in July, but the release has been delayed until after Nov. 1. Former IDR plans caused loan

Florida Man Charged with $1.6 Million Cares Act Loan Fraud Scheme

DOJ PressJuly 22, 20220

NEWARK, N.J. – A Florida man will make his initial court appearance today on charges related to his role in a scheme to fraudulently obtain over $1.6 million in federal Paycheck Protection Program (PPP) loans and Economic Injury Disaster Loan (EIDL) payments, U.S. Attorney Philip R. Sellinger announced. Mohamed A. Awad, 60, of Ocala, Florida, is charged by complaint with two counts of wire fraud. He was arrested July 21, 2022, in Virginia and made his initial appearance this afternoon before U.S. Magistrate Judge William E. Fitzpatrick in the Easter District of Virginia. He was detained pending transfer to the

Florida Man Charged with $1.6 Million Cares Act Loan Fraud Scheme

DOJ PressJuly 22, 20220

NEWARK, N.J. – A Florida man will make his initial court appearance today on charges related to his role in a scheme to fraudulently obtain over $1.6 million in federal Paycheck Protection Program (PPP) loans and Economic Injury Disaster Loan (EIDL) payments, U.S. Attorney Philip R. Sellinger announced. Mohamed A. Awad, 60, of Ocala, Florida, is charged by complaint with two counts of wire fraud. He was arrested July 21, 2022, in Virginia and made his initial appearance this afternoon before U.S. Magistrate Judge William E. Fitzpatrick in the Easter District of Virginia. He was detained pending transfer to the

Alpha Bank to sell bad loan portfolio to Hoist Finance

ReutersJuly 22, 20220

ATHENS – Alpha Bank, one of Greece’s four largest lenders, said on Friday it signed a binding agreement to sell a 400 million euro ($407 million) portfolio of unsecured bad loans to Hoist Finance AB for 34 million euros. The transaction, named project Light, is expected to reduce Alpha Bank’s non-performing exposures (NPE) ratio by 0.5 percentage points, it said. The deal is expected to be completed in the fourth quarter of 2022. ($1 = 0.9816 euros) (Reporting by George Georgiopoulos; editing by Jason Neely)

Brother of Baltimore Business Owner Admits to Falsely Claiming His Brother’s Bank Balance and Activity as His Own in Order to Obtain a Federal Housing Administration Loan

DOJ PressJuly 21, 20220

Baltimore, Maryland – Calvin Abramowitz, age 48, of Lakewood, New Jersey, pleaded guilty today to bank fraud. As part of his guilty plea, Abramowitz has been ordered to pay $209,036. The guilty plea was announced by United States Attorney for the District of Maryland Erek L. Barron and Special Agent in Charge Shawn A. Rice of the U.S. Department of Housing and Urban Development Office of Inspector General. According to his guilty plea, Calvin Abramowitz and his brother, Philip Abramowitz, age 40, of Pikesville, Maryland conspired to defraud at least one financial institution by fraudulently obtaining Federal Housing Administration (FHA)

Second Defendant Pleads Guilty to Multimillion Dollar Tax Fraud Scheme Involving Professional Athletes and a PPP Loan Fraud Scheme

DOJ PressJuly 20, 20220

ALEXANDRIA, Va. – A California man pleaded guilty today to conspiring with others in separate fraud schemes to defraud the IRS and the Paycheck Protection Program (PPP), a federal loans initiative designed to help businesses pay their employees and meet expenses during the COVID-19 pandemic. According to court documents and statements made in court, Seir Robinson Havana, 46, was the Vice President/Director and Chief Executive Officer of Mana Tax Services, a tax preparation business in the Los Angeles area. Havana engaged in a conspiracy to commit two sets of fraud schemes using Mana Tax. First, from May of 2019 through

IMF says loan talks with Tunisia to continue over coming weeks

ReutersJuly 19, 20220

TUNIS – The International Monetary Fund (IMF) said its talks with Tunisian authorities for a staff level agreement on a rescue package would continue “over the coming weeks” as the government seeks to stave off a collapse in public finances. It said it had made “good progress” in talks with the authorities over a reform package the government is proposing as part of the overall deal. Tunisian officials had previously indicated they hoped to reach an agreement earlier this year as they seek $4 billion in financial assistance. Tunisia’s efforts to secure IMF support were delayed for months by political

Analysis-Banks’ snubbing of junk-rated loan funds worsens financing logjam

ReutersJuly 19, 20220

By Chibuike Oguh NEW YORK – A decision by banks to change how they invest spare capital is limiting their ability to extend loans to companies with weak balance sheets during the financial market downturn, fund managers and investors said. Banks offer junk-rated loans to companies with limited cash flow when they are confident they can sell them to investors as a way to recycle capital. The primary buyers are collateralized loan obligations (CLOs), funds which have struggled of late to raise capital because of a pullback by one of their biggest investors – banks. Banks have traditionally snapped up

Tarzana Accountant Pleads Guilty to Fraud Charge for Helping Client Fraudulently Obtain $1.2 Million COVID-Related Business Loan

DOJ PressJuly 15, 20220

LOS ANGELES – A San Fernando Valley certified public accountant pleaded guilty today to a federal criminal charge for helping a long-time client fraudulently obtain a $1.2 million COVID-19 business loan by knowingly preparing a false corporate tax return on the client’s behalf. Bernard Turk, 73, of Tarzana, pleaded guilty to one count of wire fraud, a crime that carries a statutory maximum sentence of 20 years in federal prison. According to court documents, Turk is a certified public accountant who runs a tax preparation business in Tarzana. In February 2021, Turk helped a long-time client submit