The head of BB&T's Chattanooga commercial banking operations has been charged by federal authorities with making fraudulent loans.
Tracy Brown is set to plead guilty to bank fraud on June 4.
Authorities said Brown "appropriated the identities of three customers and took out fraudulent loans in their names. In October 2012, a customer of BB&T, D.M., went to the Ooltewah branch of BB&T regarding a loan statement that he received in the mail. D.M. advised back in May 2012, he had been contacted by Brown in regard to a loan which Brown said had been opened for a different "D.M." but had his address in error.
...
"Two loans were made by Brown in the name of R.M., one dated February 25, 2010, in the amount of $100,000 and one dated September 3, 2010, in the amount of $230,000. One loan was made by Brown in the name of S. L. dated December 14, 2011, in the amount of $50,000.
"Brown deposited some of the money from the fraudulent loans into a personal account belonging to him and his wife, and used the rest of the money to pay off some of the previous fraudulent loans he made in the customer's names."
Officials said the total exposure to BB&T was $475,000. BB&T prevented $124,000 from leaving the bank. BB&T was able to recover $30,638.90. BB&T incurred a loss of $320,361.10 as a result of the scheme charged, it was stated.
...
No comments:
Post a Comment