An ex-vp at a bank plead guilty last week to modifying over 100 loans to make it look like the customers were still current on their loans instead of overdue. This was not a money-making scheme, he was trying to help them. Nevertheless, it was fraud, and he could face up to 30 years in prison and a $1 million fine.
“I thought I was helping the customer stay afloat, so to speak, as the times got bad, and that economically it would improve, and everything would get back to a normal situation. And those loans would be paid off, times would get better, other property would sell, the bank would not take a loss,” the ex-First Security Trust & Savings banker told the court.
Banker pleads guilty in Robin Hood-like scheme [Chicago Tribune] (Thanks to mythago!)