Loan Fraud Minnesota Man Gets 57 Months

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Attentions From Loans Fraud

<figure id&equals;"attachment&lowbar;16832" aria-describedby&equals;"caption-attachment-16832" style&equals;"width&colon; 336px" class&equals;"wp-caption alignright"><a href&equals;"https&colon;&sol;&sol;www&period;fraudswatch&period;com&sol;mortgage-fraud-2&sol;" rel&equals;"attachment wp-att-15479"><img class&equals;"wp-image-16832" src&equals;"https&colon;&sol;&sol;www&period;fraudswatch&period;com&sol;wp-content&sol;uploads&sol;2015&sol;11&sol;mortgage-fraud-1&period;jpg" alt&equals;"Attentions From Loans Fraud" width&equals;"336" height&equals;"225" &sol;><&sol;a><figcaption id&equals;"caption-attachment-16832" class&equals;"wp-caption-text">Attentions From Loans Fraud<&sol;figcaption><&sol;figure>&NewLine;<p><strong>Solomon Gordon Raymond<&sol;strong>&comma; also known as Paul Anthony Raymond&comma; 54&comma; Golden Valley&comma; Minnesota&comma; was sentenced to 57 months in custody for lying to banks on a series of business loan applications he used to take almost &dollar;500&comma;000&period;<&sol;p>&NewLine;<p>In addition to punishing Raymond for his <strong><a href&equals;"https&colon;&sol;&sol;www&period;fraudswatch&period;com&sol;white-collar-crime-lying-cheating-and-stealing&sol;">fraudulent crimes<&sol;a><&sol;strong>&comma; U&period;S&period; District Judge Roger T&period; Benitez increased Raymond’s sentence for the lies he told during testimony at his May 2015 trial&period; During the hearing&comma; Judge Benitez described the defendant as &OpenCurlyDoubleQuote;<em>one of the worst con men I have ever seen<&sol;em>&period;” Raymond was taken into custody at today’s sentencing hearing to immediately begin serving his sentence&period;<span id&equals;"more-25246"><&sol;span><&sol;p>&NewLine;<p>Raymond was convicted by a jury of <em><strong>lying on several <a class&equals;"wpil&lowbar;keyword&lowbar;link" href&equals;"https&colon;&sol;&sol;www&period;fraudswatch&period;com&sol;category&sol;loans&sol;" title&equals;"loan" data-wpil-keyword-link&equals;"linked" data-wpil-monitor-id&equals;"174">loan<&sol;a><&sol;strong><&sol;em> applications he submitted to Wells Fargo Bank&comma; Bank of America&comma; and the Bank of Escondido&period;  Each application contained numerous false statements and omissions regarding Raymond’s <a class&equals;"wpil&lowbar;keyword&lowbar;link" href&equals;"https&colon;&sol;&sol;www&period;fraudswatch&period;com&sol;tag&sol;financial-fraud&sol;" title&equals;"financial" data-wpil-keyword-link&equals;"linked" data-wpil-monitor-id&equals;"497">financial<&sol;a> and business affairs&comma;<strong> criminal history<&sol;strong>&comma; and other aspects of his creditworthiness&period;  Evidence presented at trial established that Raymond was able to trick the banks into believing that he was a good candidate for the <strong><a href&equals;"https&colon;&sol;&sol;www&period;fraudswatch&period;com&sol;category&sol;fraud&sol;loans&sol;">loans<&sol;a><&sol;strong> by strategically using a second social security number that was unmarred by his bad credit history and multiple prior bankruptcy filings&period;  Indeed&comma; even though he had exited bankruptcy just a few months before his first loan application&comma; Raymond falsely claimed to the lender that he had not undergone bankruptcy&period;  Raymond also lied about his criminal history&comma; falsely claiming to the banks that he had never been arrested or convicted of a crime&period;<&sol;p>&NewLine;<p>Evidence at trial showed that Raymond told extraordinary falsehoods about his finances&period;  For example&comma; he claimed that his income ranged from &dollar;308&comma;841 to &dollar;543&comma;933&semi; in fact&comma; his true income was only a fraction of these amounts&period;  To support his false claims he submitted fraudulent tax returns that appeared to have been filed with the IRS&period; At trial&comma; the government proved that the file stamps on these tax returns were completely fabricated&comma; and that the returns had never been submitted to the IRS&period;<&sol;p>&NewLine;<p>Raymond also submitted forged bank and brokerage account statements to support his Bank of Escondido application&comma; showing balances close to &dollar;400&comma;000 in each account&period;  In fact&comma; the balances in these accounts were substantially lower&comma; with one account even having less than &dollar;100&period;<&sol;p>&NewLine;<p>Just three days after Raymond collected the last payment of his nearly half million dollars from his fraudulent loans&comma; he filed for bankruptcy&comma; attempting to wipe away his obligation to repay these loans&period; Raymond has left the banks and the U&period;S&period; Small Business Administration &lpar;which guaranteed the loans&rpar; with hundreds of thousands of dollars in losses&period;<&sol;p>&NewLine;<p>&OpenCurlyDoubleQuote;<em>Mr&period; Raymond’s string of lies and deceptions not only defrauded these banks – they also victimized the taxpayers whose funds are used to support business loans to deserving small businesses&period;  We are pleased that they jury saw through the additional lies he told at trial&comma; and that he was appropriately punished for his misconduct<&sol;em>&comma;” said U&period;S&period; Attorney Laura Duffy&period;<&sol;p>&NewLine;<p>U&period;S&period; District Judge Benitez also ordered Raymond to repay the victims &dollar;729&comma;192 in restitution&period;<&sol;p>&NewLine;

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