A local businessman has been charged with making false statements to a federally-insured financial institution, leading to a $1 million loan scam.
Allen D. Youngman, 59, of Pepper Pike, Ohio, has been accused of creating and submitting fraudulent receivables invoices to First Merit Bank, a federally-insured financial institution.
Between March 26, 2012, and August 14, 2012, Youngman allegedly prepared and submitted eight fraudulent invoices, allowing him to draw approximately $1,007,347 on the loan.
The investigation, led by the Federal Bureau of Investigation, revealed that Youngman provided First Merit with the false invoices, which permitted borrowing up to 85 percent of the invoice totals.
According to the U.S. Attorney for the Northern District of Ohio, Steven M. Dettelbach, Youngman’s actions were in direct violation of federal laws, and he is now facing serious consequences.
Assistant U.S. Attorney James V. Moroney is leading the prosecution, and if convicted, Youngman’s sentence will be determined by the court after a review of the federal sentencing guidelines and factors unique to the case.
The case serves as a reminder of the severity of white-collar crimes and the importance of holding individuals accountable for their actions. It also highlights the need for vigilance and due diligence in financial transactions.
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Key Facts
- State: Ohio
- Category: White Collar Crime|Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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