Loan Broker Gets 15 Years For $100M SBA Fraud

By Stewart Bishop (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...

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!

TRY LAW360 FREE FOR SEVEN DAYS

Related Sections

Case Information

Case Title

Subscribers Only

Case Number

Subscribers Only

Court

Subscribers Only

Nature of Suit

Subscribers Only

Judge

Subscribers Only

Date Filed

Subscribers Only

Government Agencies

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!