Loan Officer Charged with Submitting False Applications

Allison Tussey —  August 23, 2012 — 1 Comment

Satish Suri, 57, Philadelphia, Pennsylvania, was arrested on an indictment charging him with bank fraud, false statements on loans, and false statements to the Department of Housing and Urban Development (“HUD”) on a HUD-insured loan. 

The indictment charges that from 2005 to 2008, Suri, a loan officer at Sovereign Bank, Horsham, Pennsylvania, knowingly submitted false and fraudulent documents to Sovereign Bank on behalf of borrowers in support of mortgage applications on eight properties. The indictment charges that Sovereign Bank relied on the false documents in approving over $2.375 million in loans and mortgages. Further, according to the indictment, the mortgage on one of the properties was federally insured by HUD.

If convicted of all charges, Suri faces a maximum of 30 years in prison for each bank fraud count, a fine of up to $20.5 million, five years supervised release, and a $2,200 special assessment.

United States Attorney Zane David Memeger announced the indictment.

The case was investigated by the United States Secret Service, the Federal Bureau of Investigation, and the Department of Housing and Urban Development Office of Inspector General. It is being prosecuted by Assistant United States Attorney Sarah L. Grieb.

Allison Tussey

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One response to Loan Officer Charged with Submitting False Applications

  1. Thank GOD someone is trying to put these mortgage lenders in prison. I have been put in a situation where is someone within Wells Fargo is trying to cause me to lose my home. My insurance is to be debit out my account every month, but some keep trying to force me into an escrow. I thought it was the insurance company playing game. So I got another insurance company. I gave them a check to start the debit process again. So days later my sister it’s sick and I had to leave town for 3 months. When I get back home insurance had been canceled ,insurance co. says wrong banking information. The numbers match for car insurance but not for homeowners insurance. So I said how could that be, when I wrote one check for both. The cars and homeowners insurance. So insurance agents pull up my account and numbers match. Now I live in SC and this all because this good ole boy and his mob have got an vandera against me for calling this businesses leader out for what he is. A good ole boy that get to commit white collar crimes in and he has got connect at the state level. So he can pay to play money laundering schemes and other crimes and never spend a day in jail nor prison. I wish the feds would investigate hear. That why they do want Greenville in Laurens county. They love seeing poverty, they don’t believe black people should live as go as a white man.

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