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August 16, 2016

Posted  August 30, 2016

Pittsburgh-based national banking association PNC Bank N.A. agreed to pay $9.5 million to resolve allegations it violated the False Claims Act in connection with the issuance of loans guaranteed by the Small Business Administration (SBA).  According to the government, for numerous loans brokered by Jade Capital & Investments LLC., PNC failed to adhere to the requirements of the SBA program including demanding adequate bank and IRS tax records from the borrowers, ensuring that the borrowers had the ability to repay the loans, and failing to apply prudent lending standards.  Whistleblower Insider

Tagged in: FCA Federal, Financial Institution Fraud,