The US Attorney’s Office for the Southern District of Texas has arrested a banker accused of masterminding a major fraud scheme.
Acting US Attorney John GE Marck they object Houston resident and local banker Siupo Ernest Mo conspired with others to extort millions of dollars from insured financial institutions.
Mo says torture his role as a loan officer to facilitate fraudulent loan applications with false information, such as false equipment invoices, tax returns and false financial and bank statements. They allegedly hired other people to prepare fraudulent tax returns, which were later used to raise money and support applications to trick lenders into approving millions of dollars in loans.
The Department of Justice (DOJ) points out that even though Mo is charged with a crime, he is presumed innocent unless proven guilty by law.
The Texas Financial Crimes Intelligence Center collaborated with other government agencies, including the Federal Housing Finance Agency – Office of Inspector General, IRS Criminal Investigation, FBI and Federal Deposit Insurance Corporation – OIG, to investigate the bank fraud scheme.
The case against Mo comes as the DOJ is establishing a National Fraud Enforcement Division, whose mission is to “promptly investigate and prosecute individuals who steal or misuse tax dollars.”
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