Maryland Owner of Loan Brokerage Firms Indicted on Fraud Charges
Federal Information & News Dispatch, Inc. |
Maryland Owner of Loan Brokerage Firms Indicted on Fraud Charges
Indictment Seeks Forfeiture of More Than
District of Maryland (410) 209-4800
The indictment was announced by
Moon owned and operated
Moon encouraged prospective borrowers to apply for business loans through the SBA's Section 7(a) program, which authorizes SBA to help small businesses obtain financing by guaranteeing 75 to 90 percent of qualified loans made by commercial lenders. Small business owners are required to invest a certain amount of their own money into the business before they can qualify for the loan. Moon compiled and submitted to lenders the documentation necessary to substantiate the borrowers' equity injection and ability to repay loans guaranteed by SBA, as well as documentation needed for other commercial loans.
According to the 25 count indictment, from 2006 to
The indictment also alleges that on
The indictment seeks the forfeiture of
Moon faces a maximum sentence of 30 years in prison for conspiracy to commit bank fraud, and for each of the 18 counts of bank fraud; and 20 years in prison on each of six counts for destruction of records in a federal investigation
An indictment is not a finding of guilt. An individual charged by indictment is presumed innocent unless and until proven guilty at some later criminal proceedings.
Today's announcement is part of efforts underway by
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