March 14, 2019

Former loan broker Loren Young Park pleaded guilty to bank fraud in connection with a scheme to obtain Section 7(a) loans guaranteed by the Small Business Administration loans on behalf of applicants who did not qualify for the loans.  Park and co-defendants submitted fraudulent documents in support of the loan applications, charged undisclosed fees, and failed to disclose interests they had in some of the applicants or their funding.  Park’s plea agreement provides for a nine year prison sentence.  USAO MD; USAO MD re: sentencing

Tagged in: Criminal Proceedings, Government Loan Programs,