Former Tampa Resident Indicted For Paying TARP Recipient with Funny Money
Former Tampa Resident Indicted For Fraudulent Mortgage Repayment Scheme
So this is what I was able to put together from two, virtually back to back, press releases from the DOJ.
According to the first indictment on March 31, 2016:
United States Attorney A. Lee Bentley, III announced the return of an indictment charging Leigh Farrington Fiske (52, formerly of Tampa) with three counts of bank fraud and seven counts of wire fraud affecting a financial institution. If convicted on all counts, he faces a maximum penalty of 30 years in federal prison.
According to the indictment, Fiske opened a business trust account at a national financial institution’s local branch, in Tampa, for a shell company that he controlled. Beginning in June 2010, Fiske deposited or assisted in depositing multiple checks that had purportedly been written to his company by legitimate third-party businesses and financial institutions. In fact, none of the deposited checks were genuine; all had been counterfeited or altered. After the fraudulently obtained funds posted to the account, Fiske would quickly move the money offshore, wire it to accounts held by other shell companies that he controlled, and make withdrawals and other transfers for his own benefit. The intended loss of the scheme was over $485,000.
Then, according to the second indictment a few days later on June 03, 2016:
Fiske submitted two fraudulent financial instruments to the servicer and the bank trustee of a mortgage that he had used to finance the purchase of property in Tampa in 2005. The fraudulent instruments and accompanying documentation directed the financial institutions, both of which had received funds from the Treasury Department’s Troubled Asset Relief Program, to apply the face value of the instruments to his outstanding mortgage debt in separate attempts to extinguish that obligation. In truth, neither instrument had or conveyed anything of monetary value. The intended loss of the scheme was over $650,000.
The little fish caused $650,000 in “intended losses” and faces 30 years, as where the bigger fish, the TARP recipients caused an approximate loss of nearly $24 billion.
That’s what Wall Street calls justice…