Most Montgomery County, Maryland residents are very aware of fraud and identity theft. They know that it doesn't take much personal information nowadays for criminals to establish a false identity in their name and apply for credit cards and loans that could cost these residents unimaginable financial damage. They also know that they have to remain vigilant at all times, so many scour their bank and credit card statements every month searching for any potential problems.
Recently, the District Attorney for the District of Maryland revealed that a Sliver Springs, Maryland man pleaded guilty to felony charges of identity theft, money laundering and bank fraud. With his guilty plea, the man now potentially faces serious jail time including 20 years for the money laundering charge, 30 years for bank fraud and two years for identity theft. The federal case was prosecuted as part of President Obama's Financial Fraud Enforcement Task Force.
The case began in 2009 when the Maryland man applied for a loan in excess of $1.6 million dollars. On his application the man indicated that the money would be used for purchasing a company that manufactured commercial grades of glass. The loan was then guaranteed by the Small Business Association. However, during the application process the man used the social security number of another person. He also used this number on his tax returns and used the social security number of another victim on bank reports.
Based on this false information and the SBA guarantee, the loan was approved. The man then opened several different bank accounts and deposited the loan money. A few years later the man defaulted on the loan and the SBA paid the lender the outstanding amount. The man was caught when the man filed for bankruptcy that year. In his filing, he did not mention that the SBA was a creditor. He also didn't indicate that the glass company was his.
When faced with serious felony charges such as this, the proper mounting of an aggressive criminal defense is one tactic that can possibly help. A thorough investigation into the prosecution's case by an astute criminal defense attorney can potentially yield important information that can bolster the defense's efforts.
Source: Office of the Inspector General, "Maryland Pleads Guilty to $1.6 Million Identity Theft and Money Laundering Scheme," Feb. 25, 2015