Bankers Deny Trying To 'Bust Out' Of $1M In Loans

Law360, New York (July 28, 2020, 8:29 PM EDT) -- Two HSBC bankers pled not guilty Tuesday after the Manhattan U.S. Attorney's office accused them of scheming to get $1 million of commercial loans, the proceeds of which one of the bankers allegedly thought he could "bust out" — or never repay.

Banker Herode Chancy and an alleged accomplice, businessman Adedayo Ilori, denied counts including conspiracy, fraud and identity theft while a second banker, Michael Albarrella, denied charges including bribery at a telephone arraignment before Manhattan U.S. District Judge Lewis J. Liman.

Chancy, Albarella and Ilori were arrested March 4 and released on bond set at $100,000 apiece by Manhattan U.S....

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!


Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!