Chief Executive of Florida-Based Financial Firm Guilty of Fraud in $179 Million Sham Loan Scheme

by Press on December 8, 2016

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Seal of the United States Department of Justice loan scheme — Seal of the United States Department of Justice. (Wikipedia)

Chicago, IL-(ENEWSPF)- The CEO of a Florida-based financial firm has pleaded guilty to fraud charges in connection with the sale of $179 million in a sham loan scheme to a Milwaukee investment company.

NIKESH A. PATEL was the Chief Executive Officer of First Farmers Financial LLC when the company sold three fabricated loans totaling approximately $20 million to a Tennessee-based investment firm, and 26 fabricated loans to…