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Ciena Capital Llc
Former Employee Sentenced in Loan Fraud Case - Ordered to Pay $30 Million in Restitution to Business Loan Center
November 30th, 2008
Business Loan Center, LLC (BLX), formerly a national non-bank small business lender, announced that a former employee of its Troy, Michigan office, Patrick J. Harrington, was sentenced today in the United States District Court for the Eastern District of Michigan for conspiring with third parties to defraud BLX and the U.S. Small Business Administration (SBA). In October 2007, Mr. Harrington pleaded guilty to conspiring with bank officers, brokers and other third parties to fraudulently originate small business loans. Today, U.S. Dist. Judge Avern Cohn found that BLX was one of the victims of Harrington's fraud and ordered him to pay BLX $30 million in restitution for its losses....
Source: Pharma Investments, Ventures & Law Weekly (2008-11-30)
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