16 Indicted on Mortgage fraud including bank presidents in Missouri

United States Attorney for the Western District of Missouri, Beth Phillips announced on February 17th  the indictment of sixteen individuals in relation to mortgage fraud. The indictments included two former bank vice presidents and the manager of the Small Business Administration’s office located in Springfield, Missouri.

The announcement includes five separate cases and sixteen individuals however all the cases are related to each other based on the individuals involved and the bank fraud that transpired.

The bank fraud that took place took advantage of individuals seeking Small Business loans from the Small Business Administration. The indictment states that thirty one small business loans were approved under fraudulent circumstances. The loans ranged in dollars amounts from one hundred thousand dollars to over one million six hundred thousand dollars.

The loans were issued by Mid-America Bank and Trust Company located in Pulaksi County, Missouri and received approval during the period of January 2005 and January of 2007. The loans in question had a combined worth of value of over ten million one hundred thousand dollars.

The indictment centers around loans made to Mid-America Bank and Trust Company for certain individuals and the mishandling of company records to conceal those loans that were overdraft or extravagant.

The indictment presented to the court is over one hundred and eighty five pages and includes charges of false statements, bribery and fraud.


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