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Bank Fraud Lands Contractor in Hot Water
Raymond Grow, a 40-year-old resident of Covington, Louisiana, has pleaded guilty to making a false statement to a bank in an attempt to obtain a loan. According to the U.S. Attorney’s office, Grow submitted a forged Wetland Determination letter to First American Bank and Trust in 2006, securing a $3,450,000 loan to develop a subdivision in Ponchatula, Louisiana.
The loan was personally guaranteed by Grow, and the bank closed on the loan based on the false document. However, the bank discovered the forgery when a prospective buyer of the property presented the letter to the Corps, which revealed that the information listed on the letter belonged to a different property.
Grow, who owns Masters Built Construction, LLC, faces up to 30 years in prison, a fine of up to $1,000,000, and a term of supervised release of five years. Sentencing has been scheduled for July 31, 2013.
The case was investigated by the Federal Bureau of Investigation and prosecuted by Assistant United States Attorney Dorothy Manning Taylor.
Grow admitted to creating the forged letter by cutting and pasting information from another Wetland Determination letter. The forgery was discovered during due diligence by a prospective buyer of the property.
The U.S. Attorney’s office praised the work of the FBI and AUSA Taylor in bringing this case to justice.
The case highlights the importance of proper due diligence and the consequences of committing bank fraud.
Grow’s sentencing is set for July 31, 2013, at 9:00 AM.
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Key Facts
- State: Louisiana
- Category: White Collar Crime
- Source: DOJ Press Release ↗
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