Bank Fraud Scheme Uncovered in Malvern, Pennsylvania
A 48-year-old Malvern resident, Vincent Craven, Jr., has been charged with bank fraud, announced United States Attorney Zane David Memeger.
According to the Information, Craven submitted false mortgage applications to Washington Mutual Bank and Wachovia Bank (now Wells Fargo) and defrauded Washington Mutual of approximately $490,391 and Wells Fargo of approximately $103,651.
Craven faces a maximum possible sentence of 20 years in prison, three years of supervised release, a $1 million fine, a $100 special assessment, and restitution.
The case was investigated by the Federal Bureau of Investigation and is being prosecuted by Assistant United States Attorney Terri A. Marinari.
United States Attorney Zane David Memeger’s office has taken a firm stance against financial crimes, emphasizing the importance of transparency and accountability in the banking industry.
Residents of Malvern and the surrounding areas are advised to remain vigilant and report any suspicious financial activities to the authorities.
Contact Information: Patty Hartman, Media Contact, 215-861-8525
Click here to view the information.
Source: United States Attorney’s Office, Eastern District of Pennsylvania, Suite 1250, 615 Chestnut Street, Philadelphia, PA 19106
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Key Facts
- State: Pennsylvania
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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