6th Circ. Clears 2, Says Bank Fraud Was 'Wrong Crime'

Law360 (August 6, 2019, 6:25 PM EDT) -- The Sixth Circuit ordered two men to be acquitted on financial-crisis-era bank fraud charges on Monday, saying prosecutors charged them with the "wrong crimes" and failed to prove at trial that they intended to defraud the banks that owned two mortgage companies.

Mortgage broker Amir Banyan and Tennessee homebuilder Bryan Puckett were convicted of teaming up to recruit straw buyers for Puckett’s homes in 2006 and telling lies to two mortgage companies along the way. Two judges on a three-judge panel reversed the men's convictions, saying prosecutors failed to show the scheme defrauded the banks that owned the mortgage lenders....

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