, 7 tweets, 3 min read Read on Twitter
Well, bank general counsel pleads guilty to scheme to defraud his bank out of more than $55M. From 2006-2017 he secured fraudulent business loans to companies he owned including loaning them money to pay back the previous loans. Collapsing the bank in 2017.
So the bank president, counsel, bank officer B & others were robbing their own bank. The general counsel has now plead guilty & flipped so it is likely the rest will be joining him as convicted felons soon!
I guess you can rob more from a bank with a briefcase than with a gun! He faces up to 30 years in prison. Did they think that they wouldn't get caught? That the FDIC didn't check the books better after a bank collapses & tax payers are on the hook for account holders cash?
Maybe they thought that the FDIC didn't investigate banks collapsing due to fraud in sufficient detail to detect their scheme. The paperwork was all there, it was just documenting fraud. Seems like a lot of bank collapses are getting a closer look!
The bank in Puerto Rico collapsed 2010 but the FDIC report on the bank at the time seems to have missed following up on the fraud even though it documented fraudulent loans as the cause of the collapse. No follow through on the fraudsters.
But in 2019 FDIC OIG leads an investigations & convicts one of the CEO's involved in fraudulent loans from 2005-2007. That makes me suspect that OIG doesn't think it was an accident that FDIC would pay up but let the fraudsters escape justice.
Maybe in April 2017 the crooks with this Louisiana bank thought those old rules still applied. I guess they didn't realize that something was happening! #ButNothingsHappening
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