Fugitive Loren Park, a/k/a ‘Loren Yong Park,’ age 50, formerly of Falls Church, Virginia, has been arrested in connection with a massive bank fraud scheme that resulted in over $100 million in losses. Park was arrested on February 22, 2018, in South Korea and extradited to Maryland to face charges.
According to the indictment, Park and his brother Yong Park, of Falls Church, Virginia, and Nick Park, of McLean, Virginia, conspired to commit bank fraud in connection with a scheme to fraudulently obtain business loans guaranteed by the Small Business Administration.
The indictment alleges that the Park brothers owned Jade Capital & Investments, LLC, a loan brokerage company that specialized in securing loans for individuals interested in purchasing or refinancing small businesses in the Mid-Atlantic area. The indictment alleges that the Park brothers encouraged prospective borrowers to apply for business loans through the SBA’s Section 7(a) program, which guaranteed 75% – 90% of qualified loans made by banks and other commercial lending institutions.
The indictment alleges that the Park brothers submitted SBA loan applications and supporting documentation to loan originators and underwriters on behalf of their clients. The packages contained fraudulent personal financial statements and/or monthly bank statements that overstated the net worth and equity injection of the borrowers and falsely enhanced the creditworthiness of the borrowers and their businesses.
The indictment alleges that Joon and Loren Park altered copies of the borrowers’ monthly bank statements to fraudulently reflect more money than was actually in the accounts; created false bank statements for accounts that did not exist; and provided some of the financial institutions with misleading summaries of the borrowers’ business experience in order to falsely enhance the borrowers’ ability to manage the business and make the required loan payment.
Park’s co-conspirators have all pleaded guilty and been sentenced. Park faces charges of conspiring to commit bank fraud and awaits his fate.
Baltimore, Maryland – Loren Park, a/k/a ‘Loren Yong Park,’ a/k/a ‘Loren Park’ age 50, formerly of Falls Church, Virginia, was arrested on February 22, 2018, in South Korea and extradited to Maryland to face charges relating to bank fraud. Park is currently being held without bail.
Key Facts
- State: Maryland
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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