Charlotte and Waxhaw men tied up in 8-person, $17M banking scam scheme

Julia Coin, The Charlotte ObserverCharlotte Observer

A Charlotte man has been sentenced for his role in a nearly 10-year-long banking scheme that defrauded more than $17 million from 17 banks. He had at least eight partners, prosecutors say.

Bruce Howard Marko, 66, was directly involved in securing $2.8 million in five fraudulent loans, according to a news release from the U.S. District Court for the Western District of North Carolina. He was sentenced Wednesday to a year and a day in prison at Charlotte’s federal court. He must pay $1.5 million back.

Marko’s partners include a Waxhaw man and people from Georgia, Florida and California. Since at least 2016, they used false information to get loans from a slew of federally insured banks, which ensure depositors’ money will be repaid to them even if the bank fails. They included Fifth Third Bank, Truist Bank and PNC Bank, according to court documents.

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Kotto Yaphet Paul, the 50-year-old Waxhaw man, has not been sentenced. Latoya Tamieka Ford of Georgia and Love Norman of West Palm Beach, Florida, are also awaiting sentencing after entering guilty pleas to money laundering.

Four other co-defendants — Amrish D. Patel, Dwight A. Peebles, Jr., Denise Woodard and Derrick L. Harrison — are serving 15 to 36 months in prison for their involvement.