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...

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