PHILADELPHIA—Satish Suri, 57, of
Philadelphia, Pennsylvania, was arrested yesterday on an indictment charging
him with bank fraud, false statements on loans, and false statements to the
Department of Housing and Urban Development (HUD) on a HUD-insured loan,
announced United States Attorney Zane David Memeger.
The indictment charges that from 2005 to
2008, Suri, a loan officer at Sovereign Bank in Horsham, Pennsylvania,
knowingly submitted false and fraudulent documents to Sovereign Bank on behalf
of borrowers in support of mortgage applications on eight properties. The
indictment charges that Sovereign Bank relied on the false documents in
approving over $2.375 million in loans and mortgages. Further, according to the
indictment, the mortgage on one of the properties was federally insured by HUD.
If convicted of all charges, Suri faces
a maximum of 30 years in prison for each bank fraud count, a fine of up to
$20.5 million, five years’ supervised release, and a $2,200 special assessment.
The case was investigated by the United
States Secret Service, the Federal Bureau of Investigation, and the Department
of Housing and Urban Development-Office of Inspector General. It is being
prosecuted by Assistant United States Attorney Sarah L. Grieb.
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