Bryan A. Pool, 43, Los Angeles, California, was charged by a Pensacola, Florida, Federal Grand Jury in a three-count Indictment with bank fraud, conspiracy to commit bank fraud, and conspiracy to commit money laundering.
On June 6, 2011, Pool was arraigned on the Indictment by United States Magistrate Judge Charles Kahn, and Pool pled not guilty. The charges contained in the Indictment allege that Pool entered into a contract to purchase a residence in Inlet Beach, Pensacola, Florida, for $ 1.5 million, and obtained a first mortgage for $975,000 and a $225,000 second mortgage line of credit from U.S. Bank N.A. to fund the purchase. The Indictment further alleges that, after closing on the loans and following a series of financial transactions, approximately $124,920 was transferred into a bank account held in Pool‘s name.
Pool‘s case has been assigned to Senior District Judge Lacey A. Collier, and a jury trial is scheduled for August 1, 2011. Pool faces a maximum of thirty years in prison for the conspiracy to commit bank fraud and the bank fraud charges and a maximum of twenty years in prison for conspiracy to commit money laundering.
An Indictment is merely a formal charge that a defendant has committed a violation of federal criminal law, and every defendant is presumed innocent until, and unless, proven guilty beyond a reasonable doubt.