The U.S. Attorney’s Office for the Southern District of Texas has arrested a bank insider over allegations he masterminded a massive fraud scheme.
Acting U.S. Attorney John G. Mark Accuses Houston resident and local banker Siupo Ernest Mo conspired with others to drain millions of dollars from federally insured financial institutions.
Not allegedly Abuse His position as a loan officer to facilitate fraudulent loan applications containing false information, such as fraudulent equipment invoices, fraudulent tax returns, and fraudulent financial and banking documents. He allegedly recruited others to prepare fraudulent tax returns, which were later used to inflate income and support applications in an attempt to trick lenders into approving millions of dollars in loans.
The Department of Justice (DOJ) highlights that while Mo is accused of criminal conduct, he is presumed innocent unless convicted through due process.
The Texas Financial Crimes Intelligence Center collaborated with other government agencies, including the Federal Housing Finance Agency – Office of Inspector General, IRS Criminal Investigation, the Federal Bureau of Investigation and the Federal Deposit Insurance Corporation – OIG, to investigate the bank fraud scheme.
The case against Moe comes as the Justice Department creates the National Fraud Enforcement Division, which aims to “zealously investigate and prosecute those who steal or fraudulently misuse taxpayer funds.”
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