Earlier today I mentioned that three individuals had been indicted on student loan fraud and FEMA fraud, but that the US Attorney’s Office hadn’t put a press release up. It has now. According to the press release, the charges involve nine counts of bank fraud, one count of conspiracy to commit bank fraud, each of which carries a maximum of 30 years imprisonment, a fine of up to one million dollars, or both, per count, and one count of conspiracy to defraud the United States.
(And just so there’s no confusion, I know the press release says that bank fraud carries a fine of up to $250,000 for bank fraud, but the statute says $1,000,000, and, as I mentioned earlier, the ultimate sentence, if the allegations are proven beyond a reasonable doubt or if there’s a plea, will be determined by the district judge based on guidance from the sentencing guidelines.)
