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Minnesota Man Pleads Guilty to Multi-Million Dollar Loan Scam
A 31-year-old Minnesota man has admitted to his role in a multi-million dollar loan scam that targeted two financing companies in New York and Colorado.
According to court documents, Luke E. Steiner, who worked at Optum, a division of UnitedHealth Group Incorporated located in Eden Prairie, Minnesota, conspired with Michael T. Mann to defraud financing companies out of millions of dollars.
Between 2013 and September 2019, Steiner and Mann worked together to fraudulently obtain millions of dollars in loans for Mann’s companies. They did this by inducing financing companies to loan money on the basis of fake invoices purporting to show payments owed by Optum to Mann’s companies.
Steiner admitted that he falsely represented to the financing companies that the fake invoices were valid and payable by Optum when, in fact, he knew that they were not. The conspiracy caused a total of $12,968,505.22 in losses to the two financing companies.
Steiner faces up to 20 years in prison and up to 3 years of post-imprisonment supervised release when he is sentenced by Senior United States District Judge Lawrence E. Kahn. He has agreed to entry of an order requiring him to pay $12,968,505.22 in restitution.
Mann, age 49, of Saratoga County, operated ValueWise Corporation and other companies based in Clifton Park, New York. He is charged with bank fraud and is presumed innocent unless and until proven guilty.
The cases are being investigated by the FBI and are being prosecuted by Assistant U.S. Attorneys Michael Barnett and Cyrus P.W. Rieck.
Key Facts
- State: New York
- Category: Fraud & Financial Crimes|White Collar Crime
- Source: DOJ Press Release â†â€â€
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