Loan Broker Gets 15 Years For $100M SBA Fraud

Law360, New York (June 21, 2013, 1:33 PM EDT) -- The co-owner of a Virginia loan brokerage was sentenced Thursday to over 15 years in prison for conspiracy to commit bank fraud in what prosecutors say was a scheme that caused $100 million in losses to the U.S. Small Business Administration's loan guarantee program.

Joon Park, 43, of Falls Church, Va., was sentenced in Maryland federal court, after pleading guilty to filing bogus loan applications with the SBA's 7(a) program, which guarantees between 75 and 90 percent of qualified loans to small businesses and greatly increases the odds that a bank will make a loan.

“Joon Park is a good man...

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November 8, 2011

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