Friday, December 3, 2010

Three Arizona Residents Indicted In Loan Kickback Scheme

William "Bill" Liddle, 50, his wife, Rhonda Monica Liddle, 45, and Frank Ruiz, 61, all of Yuma, Arizona were indicted on 68 counts alleging they conspired to commit fraud against AEA Federal Credit Union where William Liddle had served as Vice President of Business Lending. According to the indictment, William Liddle conspired with local businessman, Frank Ruiz to approve more than $25 million "suspicious business loans" for Ruiz' company, Yuma Fun Factory, in exchange for almost $1 million in kickbacks to the Liddle's. Yuma Fun Factory has filed for bankruptcy.

Read the story here and here.

Read the DOJ announcement here.

Update (2/28/14): Read an update of the story here.  Both Liddle's were convicted and sentenced to prison.

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