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Sept. 1, 2010

LOAN OFFICER INDICTED FOR MAKING FALSE STATEMENTS TO BANKS

(HOUSTON) - A former loan officer for a Houston financial services company has been indicted for making false statements to two Houston banks as part of an alleged scheme to defraud the banks, United States Attorney José Angel Moreno announced today.

Brandon Scott Davis, 41, a resident of Houston, was charged in a two-count indictment with making false statements arising from a scheme to defraud Bank of America and Capital One Bank in connection with fraudulent applications for lines of credit. The indictment was returned by a Houston grand jury on Wednesday, Aug. 25, 2010.

Davis was arrested Aug. 31, 2010, at his residence by special agents of the United States Secret Service. He has appeared before United States Magistrate Judge John Froeschner, was ordered released on a $50,000 bond and ordered not to be employed in the financial services industry.

According to the allegations in the indictment, between Feb. 1, 2008, and March 30, 2008, Davis submitted or caused to be submitted to Bank of America and Capital One Bank, applications for lines of credit using false information about a borrower to qualify the borrower for the lines of credit. As consideration for Davis submitting the false applications, the indictment alleges that Davis was paid 50% of the loan amounts as his fee.

The borrower for whom Davis allegedly submitted the fraudulent applications was, according to the indictment, an undercover United States Secret Service agent.

The maximum penalty, upon conviction, for each offense charged is 30 years in prison and a $1 million fine.

Assistant U.S. Attorney Vernon Lewis is prosecuting the case.

 

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