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.