Falls Church Loan Broker Convicted of Lending Fraud
A former Falls Church loan broker is facing 30 years in prison after a guilty plea Tuesday in US District Court in Maryland. The FBI reports that Joon Park pleaded guilty to conspiracy to commit bank fraud, in connection with a scheme to fraudulently obtain business loans guaranteed by the small business Association.
Mr. Park had tried to obtain over $100 million in small business loans from the federal government. The applications were approved by the Small Business Association underwriters but the documents were later shown to have included false information and fraudulent documents. Taxpayers are expected to bear the burden in this case for the money lost.
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