Malvern Man Charged With Bank Fraud

Vincent Craven, Jr., 48, of Malvern, Pennsylvania was charged today by Information with one count of bank fraud, announced United States Attorney Zane David Memeger.  According to the Information, Craven submitted false mortgage applications to Washington Mutual Bank and Wachovia Bank (now Wells Fargo) and defrauded Washington Mutual of approximately $490,391 and Wells Fargo of approximately $103,651.

If convicted the defendant faces a maximum possible sentence of 20 years in prison, three years of supervised release, a $1 million fine, a $100 special assessment, and restitution.

The case was investigated by the Federal Bureau of Investigation and is being prosecuted by Assistant United States Attorney Terri A. Marinari.

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UNITED STATES ATTORNEY'S OFFICE, EASTERN DISTRICTof PENNSYLVANIA
Suite 1250, 615 Chestnut Street, Philadelphia, PA 19106
PATTY HARTMAN, Media Contact, 215-861-8525