Federal charges brought in Miami bank fraud case

Nine defendants are facing charges of bank fraud in Miami in what authorities say was a scam to obtain a $12 million line of credit, the Miami Herald reported.

A federal criminal defense lawyer in Miami should always be called to handle allegations of fraud charges brought by federal authorities. Ponzi schemes, fraud charges and other allegations are being brought by authorities with alarming regularity. Having given money to anyone with a pulse during the boom years, banks are now crying foul as more and more of these undocumented loans collapse.

Prosecutors say the charges stem from a $40 million ponzi scheme operated by a 38-year-old Fort Lauderdale man. He pleaded guilty last year to securities fraud and is serving a 10-year prison sentence.

An accountant is the latest to be charged. Authorities allege he prepared false loan applications, tax returns, financial statements and other documents in order to fraudulently obtain loans from Wells Fargo Bank.

In this case, those charged with conspiracy to commit bank fraud range in ages from 35 to 66 and reside in Miami, Hialeah, Miami Lakes and Pembroke Pines.

The allegations are that the fraudulent loans were invested in the ponzi scheme.

The investigation is being conducted by the U.S. Secret Service, Immigration and Customs Enforcement, the Department of Homeland Security and law enforcement in Miami and Miami-Dade.

Applications for the loans were submitted from September 2005 to September 2008, according to the South Florida Business Journal.

Wachovia lost $10 million as a result.