Patrick J. Harrington, 45, of Beverly Hills, Michigan, was sentenced on Thursday to 10 years in prison and ordered to pay $34 million in restitution for what authorities described as the largest fraud perpetrated against the US Small Business Administration. Harrington served as the vice president and office manager for Business Loan Express (BLX), before he was charged and connected to at least 89 fraudulent loans totaling about $85 million, according to the U.S. Justice Department. The fraud commenced in or about 2000 with Harrington inflating property appraisals and other bogus documentation to cause the SBA to finance a variety of businesses in the Detroit and Flint, Michigan areas. There have been 34 other individuals charged in connection with this case - half of whom have been convicted and sentenced.Read the story, here, here and here.
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