Small Time Loan Officer Arrested on Bank Fraud, False Statements on Loans, and False Statements to HUD, Faces 30 Years in Prison for Each Count, Fine of up to $20.5 Million

Loan Officer Arrested on Bank Fraud Charges

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.

SOURCE: http://www.fbi.gov

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9 Responses to “Small Time Loan Officer Arrested on Bank Fraud, False Statements on Loans, and False Statements to HUD, Faces 30 Years in Prison for Each Count, Fine of up to $20.5 Million”
  1. Dawn says:

    Just another distraction. The little guy must always take the fall for his bosess and most Americans are too naive and mentally lazy to see through the smoke and mirrors. Anyone who still believes Obummer is gonna save them after all his empty words and promisses is just too stupid for words..

  2. LVLawman says:

    When the little guys get charged with money laundering it’s up to 15 years in the slammer.

    As we have found out, bank crime does pay, if your the really big crook, it doesn’t pay for the little guys.

    I certainly hope that if Obama is reelected the first thing he will do is fire Tim Geitner. Neil Barofsky should be Attorney General (never happen). If Romney is elected then there is no hope at all that the banksters will see ANY accountability or reform.

  3. Collene Collins says:

    Does anybody have any knowledge of an illegal foreclosure sale that the borrowers never received a NOD because they were not in arrears. No Notice of Intent to foreclose, nor was it ever published in the newspaper. The only one with knowledge was the banks atty who was the only person and bid $12,739.83 over the listed principal balance that $125,000 in payments was never credited to. He bought it for the bank. We were making payments and had no knowledge the house was sold until 43 days later. Also there was no auctioneer, no proof of sale, no proof of deposit paid and to whom, no memorandum to satisfy the statute of fraud and no release of mortgage. The loan was invalid since infancy. We had just finally received our note and all the closing papers that are needed to satisfy the terms of a legal contract. We had been calling and sending letters requesting these docs for years. We now where in possession of the Note and had proof when we received to prove that the loan was invalid according to UCC 3 305. We now also had proof of perjury, forgery and sent a complaint to the bank. They knew they had no legal right to collect on this loan so they foreclosed illegally and without notification. We had preponderance of evidence but as is so common after spending $35,000 in legal fees the corrupt Judge made a judgment not based on the facts of law. My question now is we found out the security instrument was never recorded. There was no documents of the illegal foreclosure because no money ever switched hands. Why would they pay almost $13,000 extra when there were no bidders because there was no knowledge of this illegal sale. Is there any explanation anyone is aware of to explain why this was done? What are the benefits of overbidding on a sale that no money ever switched hands because there was no money owed. We paid $125,000 on an invalid loan while waiting to get proof of the docs and when we received them. I would appreciate any answers. Thanks so much.

  4. BLAH BLAH BLAH…Now how about arresting the real big bankers like Dimon and all the others… This banker hasn’t done anything different from the big crooks…Unreal

  5. Sarah says:

    Good thing management jumped into the fray by double checking their employees’ paperwork.
    Oh, wait. Great job law enforcement, it’s too bad the things that were in fact legal, that Banks all knew about, should not have been in the first place. (subprime, ninja, fanny mayhem, etc) But when a greedy individual goes overboard, wham! Multiple agencies are on the beat to keep Banksters safe from their rogue employees and society at large.

  6. Sue Em says:

    Wow – they caught another really big fish…

  7. MARIO KENNY says:

    This action has a deliberate feel to it, more than being natural justice, the banks are using the law to make big examples of small crooks who gamed the system, but the system was designed by the very banks to be gamed, this was how business was done to do more business, in the quest to make more gain faster. The hearts of the mortgage brokers and title agents, and loan officers have been pierced with the fear of the federal lock-up.

    The dude who got locked up here is just a sardine, $20 million is equal to about the value of 32 homes in Miami, we have thousands of homes abandoned or for sale.

    The sharks are yet at large, what we are seeing here is window dressing, these are the fall guys going to jail thus far.

    I think when we begin to see the big dudes go to the lock-up, the ones worth multiple billions, the people closer to the top of the triangle of crime, that is when we are going to see change, surely the cases have come a long way but there is no proper and satisfactory justice, just yet, for the home-owners.

  8. Herman Vergara says:

    It’s an outrage HSBC Bank USA hasn’t had its U.S. banking licenses revoked for money laundering around the world.
    Bank crime shouldn’t pay.

  9. Pamela Edwards says:

    So throw more little guys in jail and ignore the real culprits.This is justified but we need the big guys as well as the others.This is a bone that they throw to appease us.Wake up this is alot more serious than anybody is paying attention to.

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