🍴 About to dig in to the congressional report on covid relief / #PPP loan scams. @CrossRiverBank's name comes up 16 times when I ctrl-f.
Reminder this is the most important crypto bank in America. It's @Coinbase and @Circle's bank, among others.
permanent.fdlp.gov/gpo189524/2022…
Reminder this is the most important crypto bank in America. It's @Coinbase and @Circle's bank, among others.
permanent.fdlp.gov/gpo189524/2022…
@crossriverbank @coinbase @circle 🧵2/Ω
@CrossRiverBank et al. "specialized in dubious loans" and "did not get better over time" as "lenders often doubled or tripled their potential misreporting rates in round 3 compared to rounds 1 and 2."
Sounds like (extremely) willful negligence. @oooitscrime
@CrossRiverBank et al. "specialized in dubious loans" and "did not get better over time" as "lenders often doubled or tripled their potential misreporting rates in round 3 compared to rounds 1 and 2."
Sounds like (extremely) willful negligence. @oooitscrime
🧵3/Ω
@CrossRiverBank's executives anticipated that people would try to commit #PPP / covid relief fraud early in 2020 (w/in months of American pandemic's start), and yet as noted above 👆 they issued increasing percentages of fraudulent loans (and pocketed increasing fees).
@CrossRiverBank's executives anticipated that people would try to commit #PPP / covid relief fraud early in 2020 (w/in months of American pandemic's start), and yet as noted above 👆 they issued increasing percentages of fraudulent loans (and pocketed increasing fees).
🧵4/Ω
@KabbageInc, whom @CrossRiverBank chose as a partner for their #PPP lending program, was an obvious fraud.
Also funny how $CUBI, one of the other "crypto-friendly" banks also chose to partner with #Kabbage for #PPP loan issuance.
"The company you keep..."
@KabbageInc, whom @CrossRiverBank chose as a partner for their #PPP lending program, was an obvious fraud.
Also funny how $CUBI, one of the other "crypto-friendly" banks also chose to partner with #Kabbage for #PPP loan issuance.
"The company you keep..."
🧵5/Ω
Unsure if it was @KabbageInc, @CrossRiverBank, or $CUBI who issued large #PPP loans to
1. An orange grove in Minnesota
2. A cattle ranch on a sand bar on the Jersey shore
But it was definitely one of them. Sounds like world class compliance teams at work.
Unsure if it was @KabbageInc, @CrossRiverBank, or $CUBI who issued large #PPP loans to
1. An orange grove in Minnesota
2. A cattle ranch on a sand bar on the Jersey shore
But it was definitely one of them. Sounds like world class compliance teams at work.
🧵6/Ω
@KabbageInc approved a big #PPP loan to a company called "Deely Nuts" for "tree nut farming" in coastal New Jersey.
You really can't make this stuff up. #DeelyNuts
@KabbageInc approved a big #PPP loan to a company called "Deely Nuts" for "tree nut farming" in coastal New Jersey.
You really can't make this stuff up. #DeelyNuts
🧵7/Ω
The congressional report identifies the fact that poor fraud controls made @Bluevine a popular avenue for #PPP loan fraud.
@CrossRiverBank has partnered with #Bluevine since 2010. 🤔
The congressional report identifies the fact that poor fraud controls made @Bluevine a popular avenue for #PPP loan fraud.
@CrossRiverBank has partnered with #Bluevine since 2010. 🤔
🧵8/Ω
#CelticBank (also being investigated!) did similar types of loans w/some of the same sketchy partners as @CrossRiverBank and yet the rate of fraud was around *half* that at CRB.
CRB emails "did not reflect the same rigorous and consistent oversight efforts" as Celtic. 🤔
#CelticBank (also being investigated!) did similar types of loans w/some of the same sketchy partners as @CrossRiverBank and yet the rate of fraud was around *half* that at CRB.
CRB emails "did not reflect the same rigorous and consistent oversight efforts" as Celtic. 🤔
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