Laplace man pleads guilty in $400,000 bank fraud scheme

A Laplace man has pleaded guilty to defrauding multiple credit unions out of more than $400,000 over a three-year period.

Acting U.S. Attorney Michael M. Simpson said Ernest X. Taylor Jr., 40, entered the plea Aug. 6 to one count of bank fraud in violation of Title 18, U.S. Code, Section 1344(2).

Federal prosecutors said that between 2019 and 2022, Taylor applied for loans under other people's names, claiming the funds would be used to purchase vehicles. He failed to tell the credit unions that the money would go to him, court records show.

According to court documents, Taylor used fraudulent vehicle titles, falsified pay stubs and other false documents to obtain more than $400,000 in loans. After receiving the funds, he defaulted on the payments. U.S. District Judge Jane T. Milazzo has set sentencing for Oct. 29.

The case was investigated by the FBI and the U.S. Secret Service. Assistant U.S. Attorneys Maria M. Carboni and Edward Rivera of the Financial Crimes Unit are prosecuting.