Feds Say Private Equity CEO Forged Docs To Get $95M Loan
Law360 (May 12, 2021, 9:16 PM EDT) -- The CEO of a private equity fund lied about his investors and used bogus financial documents to obtain a $95 million loan from a California bank, according to an indictment handed up in Manhattan federal court Wednesday.
Elliot Smerling, 52, obtained the loan from Silicon Valley Bank with forged documents showing commitments totaling $85 million from a pair of institutional investors in New York, according to the indictment. Smerling also sent the bank a forged audit letter from an accounting firm and a bogus statement showing transfers to the fund totaling $50 million, prosecutors said.
Smerling was originally arrested in Florida in...
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!