Feds Seek $103M From Fugitive Loan Broker For SBA Cons

Law360, New York (November 20, 2013, 8:21 PM EST) -- Federal prosecutors in Maryland on Tuesday filed a superseding indictment alleging conspiracy and bank fraud by the fugitive co-owner of a Virginia loan brokerage, asking that he forfeit more than $102.9 million for defrauding the U.S. Small Business Administration's loan guarantee program.

Loren Young Park is accused of using his brokerage, Jade Capital & Investments LLC, to file 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...
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Case Information

Case Title

USA v. Park et al


Case Number

1:11-cr-00600

Court

Maryland

Nature of Suit

Date Filed

November 8, 2011

Government Agencies

UK Financial Services

UK Financial Services

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