A loan officer at Sovereign Bank in Horsham, PA is under arrest for bank fraud and loan fraud.
According to the indictment, between 2005 and 2008, 57-year old Satish Suri, of Philadelphia, allegedly submitted a series of false documents to Sovereign Bank on behalf of borrowers who wanted to secure mortgages.
The bank, in turn, approved over $2.375 million in loans and mortgages for eight properties. One of those properties was federally insured by HUD.
If convicted, Suri could face a maximum of 30 years in for each count of bank fraud and a fine of up to $20.5 million dollars.
Layers, layers, layers. Time to bundle up once again.
High temperature around the freezing mark today, with sunshine.