STOLE OVER $3 MILLION FROM A TEXAS BANK
Two Dallas men, THP (47) and JPP (55), who happened to be brothers, were convicted (after trial) of “conspiracy to commit bank fraud and conspiracy to commit money laundering,” and were sentenced in mid-October to 71 months and 63 months, respectively, in federal prison.
The guys used their company, Page Capital Group, to obtain multiple loans – worth some $3.6 million -- from a Texas bank. And to that end, they presented fraudulent paperwork which suggested that the loans were secured by a brokerage account worth at least $2 million. Of course, the duo never had access to that account and ended up using the proceeds they wrongfully procured for “various business and personal expenses.”
While the miscreants made some payments on the loans, the bank ultimately lost $3.25 million.
In a written statement, U.S. Attorney Damien M. Diggs, noted that, “The U.S. Attorney’s Office takes bank fraud seriously …. This type of crime can affect the security and soundness of FDIC-insured banks, and we all pay the price when banks lose money due to fraud. Along with the FBI, this office will investigate and prosecute bank fraud and related crimes to protect the financial system and prevent losses to our banking institutions.”
Now those guys need to pay their debt to society ….
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