Jeong Joon Moon, Bank Fraud, Maryland 2023

Baltimore, Maryland – U.S. District Judge William D. Quarles, Jr. sentenced Jeong Joon Moon, a/k/a Patrick Moon, age 47, of Germantown, Maryland, to four years in prison followed by five years of supervised release for conspiring to commit bank fraud and obstruction of justice.

Moon, also known as Patrick Moon, owned and operated JM Capital Solutions, Inc. and RNB Consulting, Inc., which were loan brokerage firms with offices located in Annandale and Springfield, Virginia. These firms specialized in securing loans for individuals to purchase or refinance small businesses in Maryland, Virginia, the District of Columbia and elsewhere.

From 2006 to April 2014, Moon and others defrauded financial institutions by submitting false copies of the borrowers’ monthly bank statements to reflect more money than was actually in the borrowers’ bank accounts. Moon and others also prepared and submitted false tax returns for the borrowers which inflated the borrowers’ income.

The financial institutions relied on the false information to lend funds to the borrowers, which resulted in loan broker commissions being paid to JM Capital and RNB Consulting. On July 12 and 15, 2013, Moon altered, destroyed or concealed documents relating to six loans guaranteed by SBA for six small businesses, intending to impede the federal investigation of such loans.

Today’s announcement is part of efforts underway by President Obama’s Financial Fraud Enforcement Task Force (FFETF) which was created in November 2009 to wage an aggressive, coordinated and proactive effort to investigate and prosecute financial crimes. The task force has made great strides in facilitating increased investigation and prosecution of financial crimes; enhancing coordination and cooperation among federal, state and local authorities; addressing discrimination in the lending and financial markets and conducting outreach to the public, victims, financial institutions and other organizations.

United States Attorney Rod J. Rosenstein praised the SBA – OIG, U.S. Postal Inspection Service, FBI and FDIC – OIG for their work in the investigation. Moon was also ordered to forfeit $2,270,590.

Jeong Joon Moon, 47, of Germantown, Maryland, was sentenced to four years in prison followed by five years of supervised release for conspiring to commit bank fraud and obstruction of justice. The sentence was announced by United States Attorney for the District of Maryland Rod J. Rosenstein and other law enforcement officials.

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